When talking of property for sale on the Cape West Coast, Harcourts CEO Richard Gray announces that development of the business development area (IDZ) at Saldanha will have a good effect for the local residential market.
"The economic 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", asserts Gray. With the mining and energy investment resulting from the industrial development zone, Gray asserts that eventually the regions economics will be underpinned by energy, and this may attract a completely new set of business to the region, each one of them employing staff who will be wanting to buy property for sale.
"For the following 20 years or so it can be expected that the IDZ will be a huge economic driver, and the resulting prices received for property for sale will reflect the demand 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. Investors are asking Harcourts, where they can buy real estate for redevelopment, many investors are having a look at property for sale with a view to a buy to let investment opportunity. "
When asked questions about the sort of homes that may most likely be in demand, Gray claims that the kick off point for many backers is higher density housing units, "In expectation of young, skilled workers seeking accommodation, investors are looking for development opportunities where there is property for sale within a commutable distance from industry locations. "
Gray says the banks are on-side for backers and first home buyers on the Cape West Coast, "In recent months the banks have eased their lending conditions when it comes to property for sale where a buyer has a good credit history, and also by allowing lending to a higher proportion of a property value. "
The original result 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 asserts that Harcourts has seen a trend where existing householders are upgrading to a bigger or better property. "In the short term, the effect on residential property for sale on the Cape West Coast has been a market correction, whereby householders judge the time is correct to upgrade their home, however we have not seen much activity at the higher end of the market where activity around property for sale higher than R20m has remained stable. ".
"The economic 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", asserts Gray. With the mining and energy investment resulting from the industrial development zone, Gray asserts that eventually the regions economics will be underpinned by energy, and this may attract a completely new set of business to the region, each one of them employing staff who will be wanting to buy property for sale.
"For the following 20 years or so it can be expected that the IDZ will be a huge economic driver, and the resulting prices received for property for sale will reflect the demand 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. Investors are asking Harcourts, where they can buy real estate for redevelopment, many investors are having a look at property for sale with a view to a buy to let investment opportunity. "
When asked questions about the sort of homes that may most likely be in demand, Gray claims that the kick off point for many backers is higher density housing units, "In expectation of young, skilled workers seeking accommodation, investors are looking for development opportunities where there is property for sale within a commutable distance from industry locations. "
Gray says the banks are on-side for backers and first home buyers on the Cape West Coast, "In recent months the banks have eased their lending conditions when it comes to property for sale where a buyer has a good credit history, and also by allowing lending to a higher proportion of a property value. "
The original result 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 asserts that Harcourts has seen a trend where existing householders are upgrading to a bigger or better property. "In the short term, the effect on residential property for sale on the Cape West Coast has been a market correction, whereby householders judge the time is correct to upgrade their home, however we have not seen much activity at the higher end of the market where activity around property for sale higher than R20m has remained stable. ".
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