Prop­erty will al­ways find a place

Sunday Times - - THE BACK PAGE -

UNCERTAINTY is the or­der of the day, but as I have been re­peat­ing over the past 24 months, for­tune favours the cal­cu­lated brave. Last month’s auc­tion de­liv­ered some ex­tra­or­di­nary ex­cite­ment, as well as the in­ter­est and prices achieved in the res­i­den­tial and hos­pi­tal­ity sec­tors.

The mar­ket has soft­ened when it comes to non-in­come-pro­duc­ing prop­er­ties and prop­er­ties in out­ly­ing ar­eas. Banks are con­ser­va­tive on val­u­a­tions and are mak­ing it dif­fi­cult to ob­tain fi­nance on these prop­er­ties. There have been mul­ti­ple buy­ers for res­i­den­tial build­ings/of­fices that can be con­verted into ho­tels or apart­ments. These prop­er­ties sel­dom find their way to the mar­ket and when they do be­come avail­able they are snapped up.

Ev­ery­thing changes and we are proud South Africans and this cur­rent eco­nomic and po­lit­i­cal land­scape will most def­i­nitely come to an end and im­prove. There will al­ways be im­prove­ments and with so many heav­ily in­vested com­pa­nies and in­di­vid­u­als in the coun­try, ev­ery­one will work to­gether to make things bet­ter.

Times might be tough at the mo­ment and it may take time, but the deals for good, well­po­si­tioned prop­er­ties will al­ways come and in­crease in value over time. The com­mer­cial sec­tor in Gaut­eng and smaller out­ly­ing ar­eas has taken a pound­ing with over­sup­ply and lesser deals. We can only ex­pect that the prop­erty in­dus­try finds a way of rein­vent­ing the ob­so­lete and va­cant spa­ces to be­come at­trac­tive to the in­vestor and end-user. Con­ver­sions to stor­age and res­i­den­tial are and have been hap­pen­ing for years.

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