Change in ANC Leadership
Category Economy
The outcome of the ANC's elective conference in December has been welcomed with a renewed sense of optimism for the future of South Africa and a positive outcome for all sectors of the property market.
With an estimate of around 30 families moving to the North Coast every month, Tim Johnson of Seeff Properties, Ballito confirms there has been an upsurge of movement in the residential property market, particularly with young families and a growing population of retirees, moving to the North Coast in search of affordable homes in secure complexes.
On the back of a wave of residential activity we have always experienced a second wave of interest in commercial property rentals and sales. We do however have to refocus our energy according to Professor Francois Viruly, property economist at the University of Cape Town, who reported to Fin24 that the long-term trends of commercial space are changing in the wake of technology, fluid work spaces, social needs, night time economies, political and environmental trends. For example, shopping centres have, to a large extent, been the demise of department stores and the resultant decentralization trend has also had a negative impact on our local CBD’s.
With the longevity of commercial investment in mind, ComProp is currently working with new developers to identify the future needs of our area and focus on the changing trends in the market.
Watch out for our monthly newsletters and tune into Radio Life and Style at 8.30am on the last Friday off every month for updates on our North Coast commercial property market.
Author: Louise Gibson
