Thank you Jacques du Toit from ABSA Home Loans for this great insight.Residential building activity improving compared to a year ago
Residential building activity, i.e. the number and value of housing units for which building plans were approved and the number and value of housing units completed in the South
African market, improved further in April 2013. This is consistent with a continued improvement in the Bureau for Economic Research’s building confidence index in the
second quarter of 2013, which rose to its highest level since the fourth quarter of 2008.
The real value of plans approved for new residential buildings was up by 21,2% year-onyear
(y/y), or R1,74 billion, to R9,95 billion in the first four months of 2013 from R8,21
billion a year ago. The real value of residential buildings reported as completed was up by
12,6% y/y, or R808,15 million, to R7,2 billion in the period January to April from R6,39
billion in the corresponding period last year. These real values of residential building
activity are calculated at constant 2010 prices.
The number of building plans approved for new housing recorded growth of 43,5% y/y in
April, largely driven by the segment for flats and townhouses. This strong growth in April
contributed to growth of 14,7% y/y in plans approved in the first four months of the year.
The construction phase of new housing saw growth of 16,4% y/y in the first four months of
the year, influenced by growth of 35,1% y/y in the month of April. The segments of small
and larger-sized houses were mainly responsible for the strong growth in April.
Residential building activity will continue to reflect conditions with regard to the economy,
household finances, consumer confidence and factors impacting the market for new and
existing housing.
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