|
March 12 - The current property market is not particularly attractive to
buyers who will need to turn to the banks for a significant portion of their
finances.
The latest statistics from ooba say that over 60% of home loan applications
are being turned down at present and buyers have to come up with whopping
deposit amounts before they are able to think of getting the financing they
require.
As a result, discerning Cape buyers are patiently waiting in the wings until
the property market improves, all the while saving hard for a deposit so that,
when the time is right, they can buy the home of their dreams.
But many Capetonians are not compromising on the quality of their
accommodation as they wait for improvements in the market and, as such, demand
for top rental properties is particularly high in the Mother City.
Those looking to rent come from different sectors in the market, including
students, foreigners and ex-pats - yet they all share one thing in common. All
of them demand high quality accommodation and a particularly high level of
security which is, unfortunately, a prerequisite in our times.
"Foreigners are looking to be accommodated on short and long term leases,"
explained Viv Adler from Seeff Property Rental Division. "Students are looking
to start their academic year at varsity, and because of the general relocation
of the business sector, corporate tenants are plentiful."
Engineers and professionals linked with the building of the 2010 World Cup
stadium in Green Point are also on the look out for quality rental accommodation
and the areas of Sea Point, Fresnaye and Bantry Bay are, as usual, in top
demand.
And the prices don't come cheap either. Top rental prices could reach as much
as R70,000 a month, says Adler, while an entry level bachelor pad starts at a
monthly rate of R5,000.
Other Articles:
Buy Second Hand - 03-05-09Entry Level Buyers Hit Brick Wall - 02-19-09Middle Class Cape Property Woes - 02-26-09Property Group Urges Banks to Drop Deposit Demands - 02-12-09
|
