SA’s property market: hotspots and buyer trends
Property remains one of the oldest and most popular investments globally, and property forecasters have recently mentioned that the biggest deterrents for buyers are not only the economy, but having confidence in the location of the property.
Lightstone provides analysis to evaluate trends and segmentation within the property sector, which includes the data of 7.9 million registered properties across South Africa, 6.5 million of which are residential properties valued at R5 trillion. Freehold properties make up the biggest portion at 69.7%, then estates (15. 5%) followed by sectional title (14.8%).
Estates consist of a much higher proportion of total value vs. volume as these properties are on average, valued at three times more than normal freehold properties.
Calling Joburg entrepreneurs! Apply soon for Property Point's 2-year programme
Property Point, a Growthpoint Properties initiative, is looking for new businesses to join its next two-year enterprise development programme intake before 17th November 2017.
Property Point is an award-winning enterprise development initiative founded by Growthpoint Properties, the largest South African primary listed REIT that creates value for all stakeholders with innovative and sustainable property solutions. It collaborates with partners across the property sector, such as Attacq Limited, to drive enterprise development forward for the sector.
So far, Property Point has created 3 609 jobs and over R807 million in procurement opportunities generated for the 136 SMEs that have participated in its two-year incubation programmes. These small businesses have reported 38.5% growth in revenue.
Five things millennials want in a new home
Now that a significant percentage of millennials are searching for their first home, this particular generation’s needs and preferences are quickly becoming the driving force in the real estate industry. According to the National Association of Realtors, millennials have been the largest group of home buyers for the past four years.
Millennials want everything to be just right, according to John White, Founder and CMO of Social Marketing Solutions. “Millennials are known as the generation that will buy a $200 pair of jeans after extensive research and trying on 67 pairs to find the exact right ones. The way they shop for homes is no different,” says White.
It is important, then, to understand what millennial home buyers search for and prefer in their first home. Here are five important aspects that millennials look for in a new home:
Top tips for selling your home this summer
Traditionally, spring heralds the start of the ‘selling season’ in real estate. This means more homes are on the market. Like most sellers, you will be looking for a swift sale for the optimum price. This means your home needs to stand out from its competitors and present a winning combination of correct pricing and a lot of appeal, which speaks to the emotional aspect of real estate investment, with responses such as “I just fell in love with the place” often sealing the deal.
“There are a number of ways to tap into this phenomenon,” says Mike Greeff, CEO of Greeff Christie’s International Real Estate. He offers the following tips: