I wrote earlier this week on my worries on the South African real estate market. My worries are growing with the day. On a worldwide scale, the Obama enthusiasm is quickly fading away. Willem Buiter writes an excellent piece on it today "YES WE CAN !!! have a global depression if we really to continue work at it..." Back to South Africa: next week Manuel Trevor, South Africa's finance minister has to unveil his national budget, it will be his toughest shot ever, the country is extremely vulnerable to the current crisis. More worrying is the Port Elizabeth news that I received today from Amazing Estates on the Coega harbor investments in Port Elibzath being halted. Add to that the growing concern on the FIFA worldcup in 2010 in South Africa and you understand my increasing worries. Als the state of the Plettenberg property market is looking worrying.
