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• Create Date July 20, 2023
• Last Updated July 20, 2023

Building Plans Approved Provincial Summary May 2023

Approvals slumped in May, following the 50 basis point increase announced by SARB in the repo rate that pushed lending rates to a 14-year high of 11.75 percent. Not surprising pressure is mounting in the residential market, that is highly vulnerable to higher lending rates on bond repayments. Approvals for new housing fell by over 20 percent and renovations also not looking to promising down 6.5 percent. Office and Retail space coming of an extremely low base, fortunately improved compared to the same month in 2022.  Office and Industrial space mainly in Gauteng and an increase in retail space approved in Kwazulu Natal. Bulk of housing approvals for the month remained in the Western Cape, although showing signs of moderating, while approvals in Gauteng surprisingly increased by 22 percent y-y for the month (although coming off a lower base from 2022).

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