South africa property prices up

The value of homes in South Africa climbed in December compared to a year earlier, it has been revealed.

Figures from the latest oobarometer - a measure of the performance of the South African property market by mortgage originator ooba - showed house prices increased by 6.2 per cent year-on-year last month.

A rise of 3.6 per cent was also recorded between November and December in 2011, the firm noted.

However, chief executive officer of the organisation Saul Geffen does not expect there to be significant increases in house prices this year.

Source: PropertyShowrooms.com