When it comes to property for sale on the Cape West Coast, Harcourts Chief Executive Officer Richard Gray asserts that development of the commercial development area (IDZ) at Saldanha will have a positive effect for the local residential market.
"The industrial stimulus from the investment in energy will have a good effect on property for sale right across the Western Cape, and for Cape Town in particular", says Gray. With the mining and energy investment springing from the industrial development section, Gray says that ultimately the regions economics will be underpinned by energy, and this will attract a totally new set of business to the region, each one of them employing staff who will be wanting to buy property for sale.
"For the next 20 years or so it can be anticipated that the IDZ will be a big business driver, and the resulting prices received for property for sale will reflect the clamor for housing from the energy sector. " Gray continues, "Harcourts is fielding enquiries from potential backers who see that property for sale in the Western Cape is an expansion industry due to a lack in residential housing stock. Financiers are asking Harcourts, where they can buy real estate for redevelopment, many investors are looking at property for sale with a view to a buy-to-let investment opportunity. "
When questioned about the sort of housing stock which will most likely be in demand, Gray says that the kick off point for many backers looks higher density housing units, "In expectation of young, skilled workers seeking accommodation, stockholders are trying to find development opportunities where there is property for sale within a commutable distance from industry locations. "
Gray says that the banks are on-side for investors and first house purchasers on the Cape West Coast, "In recent months the banks have eased their lending conditions when referring to property for sale where a purchaser has a good credit history, and also by allowing lending to a higher share of a property value. "
The original impact on property for sale in Western Cape where banks have eased their lending terms has been an increase of activity in medium priced houses, Gray claims that Harcourts has seen a trend where existing house owners are upgrading to a bigger or better property. "In the short term, the result on residential property for sale on the Cape West Coast has been a market correction, whereby home owners judge the time is correct to upgrade their home, however we have not seen much activity at the luxury end of the market where activity around property for sale in excess of R20m has remained stable. ".
"The industrial stimulus from the investment in energy will have a good effect on property for sale right across the Western Cape, and for Cape Town in particular", says Gray. With the mining and energy investment springing from the industrial development section, Gray says that ultimately the regions economics will be underpinned by energy, and this will attract a totally new set of business to the region, each one of them employing staff who will be wanting to buy property for sale.
"For the next 20 years or so it can be anticipated that the IDZ will be a big business driver, and the resulting prices received for property for sale will reflect the clamor for housing from the energy sector. " Gray continues, "Harcourts is fielding enquiries from potential backers who see that property for sale in the Western Cape is an expansion industry due to a lack in residential housing stock. Financiers are asking Harcourts, where they can buy real estate for redevelopment, many investors are looking at property for sale with a view to a buy-to-let investment opportunity. "
When questioned about the sort of housing stock which will most likely be in demand, Gray says that the kick off point for many backers looks higher density housing units, "In expectation of young, skilled workers seeking accommodation, stockholders are trying to find development opportunities where there is property for sale within a commutable distance from industry locations. "
Gray says that the banks are on-side for investors and first house purchasers on the Cape West Coast, "In recent months the banks have eased their lending conditions when referring to property for sale where a purchaser has a good credit history, and also by allowing lending to a higher share of a property value. "
The original impact on property for sale in Western Cape where banks have eased their lending terms has been an increase of activity in medium priced houses, Gray claims that Harcourts has seen a trend where existing house owners are upgrading to a bigger or better property. "In the short term, the result on residential property for sale on the Cape West Coast has been a market correction, whereby home owners judge the time is correct to upgrade their home, however we have not seen much activity at the luxury end of the market where activity around property for sale in excess of R20m has remained stable. ".
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