Does security affect property prices?
Buyers always ask about the crimes in the area before purchasing a property.
Security could be one of the most important aspects of property pricing that most people may overlook.
Living in South Africa has its challenges and security remains a concern for potential property buyers and tenants, according to Frankie Bells Real Estate Managing Director, Robert Bell.
Bell says security does affect property prices.
“The reason buyers are so specific about buying in the sought-after areas is due to those communities taking a pro-active role in mitigating crime. The areas that have invested in CCTV cameras, 24-hour guards and boomed access tend to achieve higher property values.
He said this also applies to rental properties.
He said buyers always ask about the crimes in the areas before purchasing a property.
“Our buyers generally want to know about access control (boomed estate or gated complex), beams, electric fencing, 24-hour guard, and armed response.”
Security firm Fidelity ADT”s executive manager, Stuart Clarkson,” agreed to the theory.
He said it was great that potential buyers were seeing the value of having an integrated security solution with pro-active measures.
“Sophisticated security systems historically used by big corporates are now being adopted by private residential clients. More people are using systems that include CCTV cameras, remote surveillance and other perimeter security systems such as infrared sensors.”
This included home automation systems whereby residents had full access to monitoring their property remotely.
He added that neighborhood watches were also installing camera networks as part of the security systems they put in place, which have proved to be very successful.
Clarkson said the most successful areas were those that worked very closely with security companies.
Both Clarkson and Bell agreed that it was pivotal for residents to be involved in the security of their neighbourhood as this impacts the value of their properties greatly.
