It has been quite evident nowadays that many people are investing more in properties than ever. Properties have been a major investment without a doubt. Regardless of how the pandemic has impacted us in large. There still is an interest in properties either buying or selling the property.
However, it is vital that people have enough research before making any major decisions in regards to properties or landscape, as that may later be something one may not wish for. Sometimes a person may buy property or a landscape in a place that is no longer valuable to be put in the market in the future, therefore having the necessary information is quite vital for the future.
Grant Smee, managing director of Only Realty, predicts as quoted that interest and growth in South African residential property will continue to increase in 2022. Regardless of the impact the pandemic has had, which is adding more unemployment. Grant advises there is still high demand for residential property. Smee states that high repo rate will not have a negative effect in regards to demand from homebuyers whatsoever.
The current price for properties (value) is in the R1 million- R2 million bracket and that is the most sought out property. However according to Grant, not even that range is allowing buyers to slowdown in demand for properties. Smee states that this will be seen more in 2022 with more buyers demanding properties regardless of the pricing range which is often seen as over pricing.
It still seems like buyers would need to cash in if they are in search of house that can grant the comfortable convenient life as the bracket is from R700 000- R2 million which will grant access close to schools, public transport, fibre and retail centres, Smee suggests.
There seems to be more demand for coastal homes, which is mostly in Eastern Cape and Western Cape. This demand is expected to continue in 2022 especially motivated by the new trend which is work from home. People are not afraid to buy homes where they want to as they are covered in regards to work (work from home). They can simply create their own working environment.
The other noted trend which goes with the market value is the in-land properties. Limpompo, Mpumalanga, Northen Cape and the Free state are the most common examples. These not only serve an escape for people no longer being served by city life. However, they are the most valuable lands in the market.
If you hang around people these days who have properties, you are bound to hear how they are buying properties to rent them out. The first idea that someone has when they have inherited some money is either building flats to rent them out or renting out a home to either save that money and buy another property. Smee agrees also how this has increased based on Obarometer Q3 statistics from 2 percent to 7 percent (Buy to rent).
Security is one important factor to know when it comes to properties and its value. It is important where one builds a property because buyers go for gated houses to obtain safety especially with the high crime and unemployment in South Africa.
Lastly, amongst many things in regards to Property value. There seems to be an upgrade from first buyers. First buyers are upgrading their property, whether due to accommodating family or work reasons as Smee suggested. We are to see more increases in second buyers.
Property investment is one of the most valuable assets and will continue to be one in 2022 according to the mentioned trends above. Therefore it is safe to say that interested buyers and seller can invest in properties as long they have.
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