Atlantic Seaboard market rebounding in CT
Anyone currently listing property for sale in Durban will tell you that the market is tough right now, but looking at the Western Cape, experts in the industry are discussing positive signs on the Atlantic Seaboard and detailing why things are changing in this coastal area.
The tough financial conditions took their toll on the market, with property for sale in Durban and the rest of the country being harder to move in recent months.
The same can be said in the rental market, and a good example is the Atlantic Seaboard in the Western Cape. Usually an area that does not suffer with demand, even though it boasts hefty price tags, the Atlantic Seaboard endured challenges lately for the first time in almost a decade.
However, there has been a swing in the momentum once again and things are looking brighter for landlords looking to lease their properties out. Turning to rental specialist Lisa Hendricks, of Lew Geffen Sotheby’s International Realty, she pointed out that adjustments to pricing have allowed for the market to start moving forward once again.
“Owners are understandably frustrated that they cannot achieve the same rental prices they did last year, but they are starting to realise that the market isn’t bouncing back overnight and that its far more costly to have an empty property than a good tenant at a slightly lower rental,” she said.
The biggest surge in interest has come in the lower-to-mid segments of the market, as people are still on the hunt for places that offer a convenient location along with excellent amenities.
However, experts across the board have been warning landlords and sellers to expect realistic prices in the current market, as people are having to tighten their belts due to increased living expenses and other global factors.
So if you are considering listing one of your properties in the rental market, the Atlantic Seaboard could provide you with a good guideline to enjoy a steady income from your investment in these tough times.
