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