According to Lightstone, both freehold and sectional title prices have continued to strengthen in Amanzimtoti in 2019, even as sales activity slowed marginally in the larger sectional title market.
While traditionally the residential property market in South Africa experiences a quieter period over the festive season, from a Pam Golding Properties perspective we began the year on a high note ... Monday 17th of August 2020. R 930 000 set at runtime It was then cut again by 0,5% in May. With a reduced value of the rand, we could attract a significant increase in the number of visitors which would help build entrepreneurial attractions, accommodation and other opportunities within the tourism industry.In KwaZulu-Natal, the introduction of direct flights between London and Introduced this month (December 2019), and with a flight time of just 14.5 hours, the new direct flight between New York in the USA and Tourism is recovering after the drought and aided by an easing of visa restrictions and piloting of an electronic visa application system coupled with increasing numbers of direct flights, will bring more money, translating into economic growth and jobs, and more prospective buyers to the country.It is hoped that economic growth will be slightly stronger next year, despite risks to the downside, so it is possible that 2020 may see a somewhat improved market than experienced this year – certainly as the market does appear to be in the process of bottoming out.
SOUTH AFRICA’S HOUSING MARKET FORECAST. set at runtime The economy grew by a minuscule 0.2% during 2019, its weakest performance since 2009. Macro-economic and political landscape uncertainty suggests that a cautious outlook for South African commercial real estate is likely to persist into 2020. We strongly urge you to update to a The KwaZulu-Natal North Coast area is highly sought after among home buyers with a host of new developments on the market. While there has been no "significant increase in new stock volumes", under-resourced spec buyers are finding it far more difficult to operate. This has been a key driver behind the shift in housing in South Africa from freehold suburban homes to mixed-use precincts and developments, and the rise of shared, third spaces.This is underlined by the strong demand for more affordable homes in CBDs around the country, with a large percentage of young buyers in Johannesburg, Durban, With a growing number of young people looking for accommodation and with people of all ages and incomes showing an increasing preference for smaller, more conveniently located homes – and with the existing stock of homes predominantly freehold suburban houses, there is plenty of reason for ongoing developments.While the overall number of new buildings may have slowed, growth nodes continue to experience demand and developers are responding in areas such as Pretoria, the KwaZulu-Natal North Coast, Major investments announced during the SA Investment Conference include R6.5 billion by Rio Tinto in The Dube TradePort Special Economic Zone (SEZ) recently received the coveted 2019 UN Investment Promotions Award for performing exceedingly well in promoting sustainable investment in KZN and South Africa, particularly facilitating the investment of R1.3 billion by Mara Phones. Activity in the freehold market has strengthened in 2019, with 101 sales, the highest since 2016.The relative affordability of homes in the South, coupled with the lifestyle offering, suggests that it will continue to attract new residents and homeowners. 2020 Vision: Outlook and trends in SA's residential property market: While there will be pockets of activity and price growth, South Africa's housing market is likely to remain subdued. For example, on a bond of, say, R1 000 000, your repayment amount will have dropped from R9 650 at the beginning of January to R7 904 after the rate cut on 21 May 2020.As for home buyers, they will have less difficulty qualifying for a home loan at the lower prime rate, and will receive more favourable interest rates on their loan.In addition to the interest rate cuts, other reasons to be optimistic about the market include:This is all good news for landlords, as millennials form a ready-made market for While the luxury housing market continues to experience price deflation, the affordable housing market is doing a brisk trade. Developers are responding with a marked shift in new housing stock towards sectional title homes – although this is also a result of the shortage and cost of land – and mixed-use developments offering a live, work, play lifestyle close to places of work.The recent introduction of micro-units in Cape Town CBD and surrounds is also a response to strong demand from first-time buyers who want a lock-up-and-go lifestyle and to enjoy downtown living. R 750 000
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