When it comes to property for sale on the Cape West Coast, Harcourts Managing Director Richard Gray announces that development of the commercial development zone (IDZ) at Saldanha will have a constructive effect for the local residential market.
"The economic stimulus from the investment in energy will have a good effect on property for sale right across the Western Cape, and for Cape Town in particular", says Gray. With the mining and energy investment caused by the economic development zone, Gray claims that eventually the regions economics will be underpinned by energy, and this may attract a completely new set of business to the region, each one of them employing staff who will be desiring to buy property for sale.
"For the subsequent 20 years or so it can be predicted that the IDZ will be a big industrial driver, and the resulting prices received for property for sale will reflect the requirement for housing from the energy sector. " Gray continues, "Harcourts is fielding enquiries from potential speculators who see that property for sale in the Western Cape is an expansion industry thanks to a deficit in residential housing stock. Financiers are asking Harcourts, where they can acquire property for redevelopment, many investors are looking at property for sale with a view to a buy to let investment opportunity. "
When asked about the type of homes that may potentially be in demand, Gray says that the kick off point for many investors looks higher density housing units, "In expectation of young, skilled workers seeking accommodation, backers are trying to find development opportunities where there is property for sale within a commutable distance from industry locations. "
Gray says the banks are on-side for speculators and first home buyers on the Cape West Coast, "Recently the banks have eased their lending conditions when it comes to property for sale where a buyer has a good credit history, and also by allowing lending to a higher proportion of a property value. "
The first impact on property for sale in Western Cape where banks have eased their lending terms has been an increase of activity in medium priced houses, Gray claims that Harcourts has seen a trend where existing home owners are upgrading to a bigger or better property. "In the short term, the impact on residential property for sale on the Cape West Coast has been a market correction, whereby property owners judge the time is correct to upgrade their home, however we have not seen much activity at the luxury end of the market where activity around property for sale north of R20m has remained stable. ".
"The economic stimulus from the investment in energy will have a good effect on property for sale right across the Western Cape, and for Cape Town in particular", says Gray. With the mining and energy investment caused by the economic development zone, Gray claims that eventually the regions economics will be underpinned by energy, and this may attract a completely new set of business to the region, each one of them employing staff who will be desiring to buy property for sale.
"For the subsequent 20 years or so it can be predicted that the IDZ will be a big industrial driver, and the resulting prices received for property for sale will reflect the requirement for housing from the energy sector. " Gray continues, "Harcourts is fielding enquiries from potential speculators who see that property for sale in the Western Cape is an expansion industry thanks to a deficit in residential housing stock. Financiers are asking Harcourts, where they can acquire property for redevelopment, many investors are looking at property for sale with a view to a buy to let investment opportunity. "
When asked about the type of homes that may potentially be in demand, Gray says that the kick off point for many investors looks higher density housing units, "In expectation of young, skilled workers seeking accommodation, backers are trying to find development opportunities where there is property for sale within a commutable distance from industry locations. "
Gray says the banks are on-side for speculators and first home buyers on the Cape West Coast, "Recently the banks have eased their lending conditions when it comes to property for sale where a buyer has a good credit history, and also by allowing lending to a higher proportion of a property value. "
The first impact on property for sale in Western Cape where banks have eased their lending terms has been an increase of activity in medium priced houses, Gray claims that Harcourts has seen a trend where existing home owners are upgrading to a bigger or better property. "In the short term, the impact on residential property for sale on the Cape West Coast has been a market correction, whereby property owners judge the time is correct to upgrade their home, however we have not seen much activity at the luxury end of the market where activity around property for sale north of R20m has remained stable. ".
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