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Residential developments on the rise

The last couple of months have shown an impressive increase in residential developments.

Residential developments of all types

“We are not only seeing more developments of single residences, but apartment developments are also on the rise as there is an increasing need for lock and go with high security,” says Manja Kritzinger, CEO of Realtors International. “Developers are also acknowledging the demand for single residential stands in lifestyle estates with a focus on family living and open park areas.”

A property buyer’s market

This high demand and shortage of stock makes the property market a buyer’s paradise, says Manja. “Buyers have a broader spectrum of choice with regards to location, finishes, etc. The buyer can also benefit substantially from an investment perspective as they can expect to see a higher return per annum on these properties. They can buy directly from the developer, the transfer cost is low and as demand increases, the property would realise a profit more readily.”

Transportation key to expansion

More residential developments are expected on the urban edge of suburbs as growth expands outwards from the centre of towns and cities. “As transport infrastructure is key to supporting new development, the expansion and upgrade of roads as well as public transport plays a determining factor,” says Manja. “Take the West Coast of Cape Town as an example. The expansion of the MyCiti Bus route as well as the upgrade and extension of roads will release enormous development potential in the area. Plans are already well under way for a multi-million rand development, which includes a mix of luxury and affordable housing as well as commercial and business properties.”

Buyers who are interested in investing in a new residential development should stay in close contact with the local realtor, Realtors International.

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