The outlook for residential development weakened further with another steep decline in July 2023. All provinces are feeling the brunt of higher lending rates, with declines reported across all nine provinces. Almost 40% of residential approvals are in the Western Cape that has become 28 percent larger than the residential market in Gauteng. As current residential projects reach completion, a smaller pipeline will negatively impact investment in 2024/25.
Use the following link for a provincial summary by project type: https://industryinsight.co.za/wp/download/building-plans-approved-provincial-summary-july-2023/
