Property fundamentals strong for 2010

While the local property market largely shrugged off the effects of the global recession last year, higher prices of construction materials meant a slowdown in the number of new residential and commercial developments. This, in turn, analysts said, helped continue the property supply/demand imbalance that has supported positive growth of the market for years.

Industry experts who spoke to Mmegi this week said fundamentals in the property market indicated another strong year for the sector, one of the few to receive a positive outlook in a year of uncertainty around the recession's status. The analysts said already, levels of purchase prices and rentals both for commercial and residential properties, were pointing north, strengthening the market.