5 Countries where Housing Prices are Declining or Flat

3. South Africa

1 Year % Change in Real House Prices: -0.69%

3 Year % Change in Real House Prices: 12.42%

Affordability Index: 93.65

Average Score: 4.15

While nominal house prices in South Africa increased by 2.5% in the first two months of 2023, they have gone down by 4.2% since March 2023. Moreover, the average selling prices of homes in South Africa decreased by 0.4% in the second quarter of 2023, standing at $22,000. Over the past couple of years, housing prices in the coastal regions of the country have shown consistent growth. Meanwhile, inland areas have shown little to no improvement in property prices.