ACQUIRING
Investing in residential rentals
The new era for Eastern Cape investors
Since the beginning of covid, it has been quite a scary period for the property industry. The commercial industry has suffered greatly as businesses transformed their standard office set up to remote working setup. Some commercial property owners converted their properties into residences, boosting the residential property sector even further during this difficult time. This means there’ s still room for young investors to take chance at the residential property sector.
Despite the challenges brought about by the pandemic coronavirus, The Trust for Urba Housing Finance( TUHF), Eastern Cape regional team has highlighted the differences in the nodes of East London and Gqeberha( formally Port Elizabeth) and how there are still opportunities in these nodes for investors to capitalise on.
Despite the geographical difference between the two cities, the contrast in the residential rental property market could not be more significant. The areas these cities cover create a multi-polar economic situation that is shaping the future of development in the province.
When looking at East London, TUHF portfolio manager for the Eastern Cape, Letlatsa Lekhelebana says In the pre-pandemic days, East London has had a very active retail economy.
“ This is hardly surprising given that this city has three levels of government based there namely the
26 JULY 2021 SA Real Estate Investor Magazine