For South Africa, the principal risk lies not only in the direct impact of higher energy and transport costs, but also in the effect that elevated inflation expectations may have on monetary policy and long-term borrowing costs.

Discover how sustained high interest rates are driving lifestyle-led migration and increasing demand for secure, self-contained estates in South Africa's property market.

Over the last six months, the residential market has benefited from falling interest rates and improved consumer confidence.

For South Africa, the principal risk lies not only in the direct impact of higher energy and transport costs, but also in the effect that elevated inflation expectations may have…