There’s a buzz at the lower end of the East London market

There’s lots of action right now in the East London property market, and especially in the lower-priced sectors.
That’s the word from Clinton Krouse, owner of the second Chas Everitt International franchise in the city, who says homes priced at between R500 000 and R850 000 are selling particularly well to eager buyers.
“There has been a definite increase in demand in recent months, reflecting the improved fortunes of the motor industry which is the mainstay of the local economy. We have also seen business improve in the East London IDZ.
“However, most salaries here are not high, so the majority of potential buyers have limited affordability. In addition, the recession has made consumers extremely cautious and determined to secure good value for their money when they do buy.”
Nevertheless, he says, the market has been helped by the introduction by some banks of special home loan products for first-time and for lower-income buyers, and by declining interest rates.
“Sales are definitely up on this time last year and we anticipate continued growth, especially as current pricing still offers excellent opportunities for investors as well as homebuyers.”
The new office, which was officially opened this month, is located in Greenfields south of the Buffalo River but serves all areas of the city to take up the additional market demand now and expand on the success of the original Chas Everitt franchise in East London.
Issued by Chas Everitt

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
    • 17 Nov 2017
      The EAAB (the Estate Agency Affairs Board) recently claimed that around 50,000 illegal estate agents could currently be operating illegally.
    • 16 Nov 2017
      Penthouses are synonymous with New York – characterised by high-rise living that is decidedly luxurious and spacious. While exclusivity comes at a price, you can still create a “penthouse” look and feel in your existing apartment or even the upstairs bedroom of a double storey house with some clever design changes and styling touches.
    • 16 Nov 2017
      The area has long been popular with kite surfers and, with escalating property prices in Cape Town itself, is increasingly in demand with home owners who work in town, but are looking to invest in more affordable properties.
    • 16 Nov 2017
      Cape Town’s popularity as a world-class tourist destination has resulted in a spike in the number of homes available for holiday lets and fuelled investor demand for sectional title units with short term rental potential.
    • 15 Nov 2017
      Sappi, one of South Africa’s oldest global companies and a leading global supplier of sustainable woodfibre products, has moved its global and regional headquarters to a new site on the corner of Oxford and 14th Avenue in Rosebank.
    • 15 Nov 2017
      There’s an old saying in real estate that you should seek to make a profit when you buy, not only when you sell – and a large part of succeeding at that endeavour is buying a home in an area with desirable features that will enhance the resale value of your property.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us