2018 KZN property market doing better compared to 2017
KwaZulu Natal’s property market is said to be doing better in 2018 compared to 2017. The recent interest rate cut has encouraged a greater number of people to invest in the property sector. These are the factors that have contributed to the positive state of the KZN property market.
2018 KZN property market doing better compared to 2017
The property market in KwaZulu Natal has performed better in 2018 compared to the previous year, according to the Managing Director of Seeff Berea, Roger Hoaten. “Current sales figures from Seeff licensees in the KZN province show that there has been a 9% increase in value for the first half of 2018 compared to 2017,” he said.
The Sales Director and Licensee of Seeff Umhlanga, Brett Botsis, outlined the factors that could have impacted the positive state of the KZN property market in 2018. He said that the recent interest rate cut to 6,5% attracted more people to invest in the property market.
“This has brought additional new retail stores and restaurants into our region and most businesses have now migrated to Umhlanga Ridge and Ridgeside originally from the CBD or Westville,” Botsis said.
The Managing Director of Seeff Berea, Roger Hoaten, said that on a buyer’s market, there were more property listings for the seller to compete with fewer buyers where interested in properties. The outcome was that it took longer to sell with a few statistics revealing that it takes KZN up to 21 weeks to get a standard property sold while it would only take 11 weeks in Pretoria.
