Fast internet now one of the key trends in SA property
Category Market News
Fibre internet and its effect on property values has become a hot topic in the world of real estate. More and more people are shopping for more than just a safer neighbourhood - they want a quality internet connection.
Andrew Church, CEO of Rodel Finance, says with more companies offering employees the option of working remotely and a large percentage of South Africa's workforce being self-employed, people are demanding better internet at home. Fast internet has become a major drawcard for potential tenants or buyers, alongside other neighbourhood desirables like 24-hour security and overall quality of life.
Forbes predicts this trend will continue to rise:
"In many ways, digital nomads are the leading edge of the shift to mobile and distributed work. Workers, in general, are increasingly working remotely and spending more of their time away from the office," says Gene Zaino, CEO of MBO Partners.
Properties situated in areas with installed fibre cables are a must, which is why prospective buyers should not assume, but rather check fibre availability within a suburb before making a purchase. The majority of internet providers host fibre maps on their website which show consumers whether fibre connections are available, in progress, or planned to be installed soon. This can assist buyers or tenants in deciding whether they want to stay in that area or look elsewhere.
Properties with high-speed internet access, modern workspaces and smart features will continue to grow in popularity.
According to Church, other trends in South Africa's property market include:
1. Affordability
We're becoming more cost-conscious. A recent real estate report revealed that just over 80% of homes sold at the end 2017 were under R1.5 million, and 60% were under R800 000.
2. Size
Less is more when it comes to the size of homes for first-time buyers. Average building sizes have shrunk. Just under 30% of all homes built between 2015 and 2017 were sectional title units (flats, duplexes, units in complexes), compared to 6% between 1985 and 1989.
3. Inner-city living
Escalating fuel prices and traffic congestion should be factored into the true cost of owning a home along with home loan repayments. Modern sectional title properties with high-speed fibre are becoming increasingly popular because they boast two key selling points to the young professional: a work from home area, and proximity to work when you do need to be there.
4. Safety and security
With crime remaining a concern in South Africa, security has undoubtedly become a major factor for buyers. Enclosed residential estates and secure complexes will continue to be the preferred choice.
article courtesy Rodel Finance
Author: Rodel
