CCID REPORT to continued investor confidence and development potential.
The commercial property market remains resilient in 2021, with the continued conversion of office buildings into mixed-use developments or residential developments.“ This indicates a flexibility in the sector,” says Kane
Residential Property Sector Data on the residential property sector shows innovative offerings, coupled with low interest rates, continued to attract investor interest in the prospect of living in a successful downtown regardless of the effects of Covid-19 on the economy.
Says Kane:“ Developers have responded with accommodation offering flexibility, ease of use and affordability.”
The key trend to emerge was the focus on community, with property buyers becoming members of the development’ s“ club”, rather than simply owners or tenants, and co-living and co-working spaces being the order of the day.
Of the 15 developments under construction in the CBD in 2020, at least nine were residential developments valued at R2.07 billion.
The median price of apartments sold in the Central City in 2020 was R1.65 million, which is less than the R1.8 million median price reached in 2019. The most sales were recorded in the R20 000-R29 999 / m ² price band.
Says Kane:“ The distribution of sales across the various price bands shifted from the most being recorded in the
SA Real Estate Investor Magazine OCT 2021 19