Price of petrol has a direct impact on housing demand and house price
Ultimately the increase in fuel costs impacts housing demand and price, says Dr Andrew Golding.
Price of petrol has a direct impact on housing demand and house price
The constantly rising price of petrol, coupled with rising traffic congestion in South Africa’s cities has a direct impact in the locations consumers select to buy or rent a home. “The ongoing increase in the fuel price is contributing to the way we live and work,” says Dr Andrew Golding, chief executive of the Pam Golding Property group.
He says it’s also changing the way companies think when it comes to office layouts and the hours employees spend in the office, with many opting for far more flexible working hours including work-from-home scenarios for both entrepreneurs and staff, and co-work layouts which eliminate seldom-used space.
“All of this has a direct bearing not only on the built environment but also on where people can and choose to live,” says Dr Golding. There is an increasing demand for properties on key transport corridors for easy travelling via, rail, road and air. Another group of people are “opting out of the frenetic pace of city life to country environments where they can enjoy a slower paced lifestyle either in retirement or while still generating income,” he says.
“In Cape Town mixed-use developments or precincts usually include retail, residential and possibly, offices, thereby catering for work, home and lifestyle, and offering a vibrant lifestyle while providing for preservation of property values. Other components may include indoor and outdoor recreation areas with pools and/or a gym, business facilities and even a crèche,” says Laurie Wener, Pam Golding Properties senior executive for developments in the Cape region.
