Township Retail – the New Growth Engine for South African Property

South African townships buzz with an informal economy, unseen in official data but booming, nonetheless. “Spaza shops,” street vendors, barbers, and more cater to residents’ daily needs. Despite Covid-19, retail tenants in townships even outperformed those in wealthier areas, showcasing the informal “kasi” economy’s strength and potential.

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US Housing market stasis’ threat to GDP growth is under-appreciated

US residential real estate has been on a tear for the last five years, beating global equities and significantly outperforming the total return from global bonds. However, in every boom are sown the seeds of the next bust: after years of rising faster than wages, US property is now more expensive relative to incomes and rents than at any time in its history.

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