eProperty News
Thursday, 15 April 2021 22:10

Somerset West property update

Somerset West’s property market is renowned for its resilience, but the last few years have delivered some unprecedented challenges.

Despite global doom and gloom, Stats SA in their latest gross domestic product (GDP) report, state that the construction industry in South Africa reportedly grew at a rate of 11.2% in the fourth quarter of 2020.

1st Quarter 2021 FNB Property Broker Survey of Rental Market Conditions – Brokers perceive recovery in Industrial and Retail market activity, but little sign of rising activity in the Office Market.

Attacq Limited (“Attacq”), the leading JSE-listed REIT, with a high-quality portfolio of commercial assets comprising office and mixed-use, retail, light industrials and hotel spaces valued at R20.4 billion as at 30 June 2020, has experienced continued positive leasing activity despite lockdown operating conditions.

After the five aggressive repo rate cuts last year that dropped the prime lending rate to a historic low of 7%, homeowners and aspirant buyers have been holding their breath, waiting for the pendulum to swing the other way in 2021.

On the 31st of March, SAIBPP is launching SAIBPP Connect, an online platform geared towards transformation, supporting entrepreneurship, and providing the space for established property practitioners to network with smaller developers and entrepreneurs.

A 11 000 sqm specialised surgical hospital development by Growthpoint Properties (JSE: GRT) and Cintocare has opened in Pretoria, Gauteng, to become the first 5-star rated green hospital in Africa, and only the fifth in the world with its specialised surgical mix and clinical business model.

Serviced office space provider The Business Exchange (TBE), in partnership with Maxcity Properties, the largest and most established real estate company in Mauritius, today launched an exciting new opportunity, offering investors the unique chance to own offshore property in Mauritius, a Dollar-based country.

Absa Bank has partnered with Amdec Group, South Africa’s leading developer of new urban precincts, to develop the first tower of the multi-billion rand Harbour Arch project on the Foreshore in Cape Town.

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