RE/MAX of Southern Africa, the largest real estate group in South Africa, has released positive tracking data signalling that the South African property market may have turned a corner.
This comes after the group, with a national network of over 200 offices, released its results this week for the second quarter.
RE/MAX of Southern Africa recorded a 26.7 per cent increase in sales in Q2 over the previous quarter. "This is a strong indication that consumer confidence is returning." says Adrian Goslett, RE/MAX of Southern Africa's Assistant Regional Director.
"A catalyst in this recovery process has certainly been the series of recent interest rate cuts. This, in conjunction with the much anticipated responsible lending policies of the banking institutions will help to expedite and shorten the recovery process."
Goslett also compared the performance of RE/MAX in 2009 with that offered by the Lightstone Index. According to the Lightstone index, national property sales had dropped by approximately 50 percent this year versus 2008, whereas the RE/MAX figures reflected a less than 30% decline in the number of transactions in the first half of 2009. He further said RE/MAX expects to help over 20,000 families with their property relocation needs before the end of the year.
The real estate group also announced buoyant franchise growth in 2009, opening eleven new offices in Pretoria, Johannesburg, Cape Town, Vaalwater, Wilderness, Piet Retief, Scottburgh & St Helena Bay.
RE/MAX attracted nearly 250 agents to its fold in the first 6 months of this year of which 67 were agents who decided to rejoin the group. Goslett sees this statistic as an encouraging sign that the RE/MAX value proposition, having been tested by the current economic conditions, has delivered on its promise.
"RE/MAX agents have performed outstandingly in comparison to industry averages which we believe is largely attributed to agent-to-client relationship marketing. We are confident that these sales performances together with the relationships that have been established with clients over the past few years provide a sound platform to extend our market share for the remainder of 2009."
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