Year-on-year, for the 3 months to August, square metres of residential building plans passed rose by 16.15% but would appear to be led predominantly by the "flats and townhouses" component, suggesting that "smaller is better" in this tough environment. The non-residential slump is broad-based with office space completions declining year-on-year by -59.7% for the 3 months to August, retail space by -37.8% and industrial space by -20.8%.
According to John Loos, strategist: FNB Home Loans, with existing property demand having resumed a slowing trend in recent months, after a "mini-recovery" to early-2010, the economy remains very weak and the household sector is still under significant financial pressure, so fireworks can't be expected.
