Confidence is growing in the recovery of the South African property market. Demand has risen in 2010 from buyers looking for property under R 2 million rand and with interest rates down, the banks beginning to grant loans again, the South African property market looks set to continue its slow recovery.
This is being most strongly felt in the lower income segment (average price R 617 K), the middle income (R 1. 02m) and upper income (R 1.9m).
Lagging this trend according to Johan Loos in the FNB Residential Property Barometer is the luxury segment with an average price of R 3.85m.
The average time a luxury house is on the market is 15 weeks and 6 days while the average time a house is on the market generally is 12 weeks and 4 days.
Downscaling due to financial pressure is the reason given by 20 % of those who are selling their houses, indicating that South Africans are reeling from the financial turmoil experienced over the past two years. Emigration stands at 7 % and moving for safety and security reasons is at 12 %. The shift towards living in secure estates and complexes seems to be continuing as well.
PROPERTY OF THE WEEK
Jeffreys Bay is renowned for its endless beaches and perfect waves. Living close to the beach is a dream for many and when a house comes on the market that meets this requirement and is right on one of Jeffreys Bay’s quieter surf spots it doesn’t stay on the market for long.
This home, with 4 bedrooms and 3 bathrooms is a block away from Albatross, still regarded as the “undiscovered” surf break in Jeffreys Bay. One also has the untouched Kabeljous Beach to explore and walk for miles, or simply throw a line in the water.
An elegant entrance hall and imposing wooden staircase add character to the house which has 1 ½ garages, Dining Room, Lounge and TV room.
All this can be yours for R 3 780 000 (approx $ 472 500). Email [email protected] for more information.