How far will property prices fall in SA?

Would you believe that property prices in South Africa might fall by as much as 63% to 80% in value or perhaps further?

That's a scary concept to even contemplate, however SA had the biggest property bubble worldwide in the recent boom and the bigger the bubble, the louder the pop, the bigger the collapse afterwards...

Ireland, who had the second biggest property bubble, is facing a dramatic drop in property prices of 80% which indicates that South Africa might suffer an even larger blow...

Well, at least according to:

CapeTownBubble Blog (Click to read in new window)

I particularly appreciate this comment:
... monthly rental costs are only 30% of the monthly costs it would take to buy. It is obvious that houses are way over-priced.
Rentals reflect what people can afford,
buying reflects what people can borrow.

Read the comments posted below that blog, they are just as interesting as the main blog itself...

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