While demand for new developments usually declines when the property market takes a downturn as was experienced due to the Covid-19 Lockdown in late March 2020, this has not been the case in Pretoria East.
New developments offering convenient and affordable apartments are particularly sought-after according to Gerhard van der Linde, managing director for Seeff Pretoria East. He says the low-interest rate continues to drive one of the best phases for property buyers who in turn are wasting little time to take advantage of investing now. This includes new developments.
He notes that Pretoria East is one of the most exciting growth areas in the country which continues to experience high demand for a broad spectrum of property. Covid has brought a shift in buying patterns, giving rise to higher interest in properties that offer ideal work-from-home spaces in a secure environment.
Developments such as those currently on the market in Lynnwood Glen and Lynwood do not just offer a great location in one of the best growth areas in Pretoria, but a modern lifestyle which meets the shifting buyer needs of Covid. This includes a secure lifestyle including secure parking and fibre internet, ideal for the WFH trend.
Van der Linde highlights further that buyers are taking advantage of the fact that investing in a new development enables them to buy at the launch prices. This means they can benefit from the capital growth which is usually followed once it is in full occupation.
Location is another benefit as new developments are usually in well-researched locations and generally offer good prospects for rental returns as well, adds Van der Linde. Additionally, new developments offer the latest designs and finishes and as they are new, you can just move in with no maintenance or renovations needed.
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Investing in a new development also means there is no transfer duty payable since you are buying directly from the developer. Van der Linde says further that developments are also usually bank approved, making it easier to obtain finance, and you only start paying back the mortgage loan once the unit is completed and handed over.
Which are the most popular developments in Pretoria East right now?
“Ilk of Menlyn” in Lynwood Glen, modern apartments from just R1,39 million
Ilk of Menlyn offers 32 luxurious new apartments in a north-facing three-storey block with lift access, priced from just R1,39 million with no transfer duty payable.
It is located in a boomed-off 24-hour security street in Lynnwood Glen and well positioned with Struben Kop Park in walking distance and Menlyn Park and Menlyn Maine centres on your doorstep. It is also within walking distance of St Albans School, Vega School and Varsity College.
The security is top class and includes electric fencing, CCTV cameras and access control and there is also secure parking. The apartments are luxurious with modern finishes, fibre internet and prepaid electricity.
Interior design packages are available so that you can customise your unit to your taste. There is also an option of luxury Bosch appliances. Geysers work on a heat pump system and there is also a back generator for the building. Residents can also enjoy the communal area with braai facilities as well as an individual meeting room.
“Hillensberg” in Hillside Village Estate, two and three-bedroomed units with extras from R1,78 million
“Hillensberg” is located in the popular Hillside Village Estate which is a boomed area with 24-hour security. It offers stunning views from the units which are all north facing. The apartments are priced from R1,78 million with no transfer duty payable.
The development is ideal for growing families, young professionals or friends who want to share a space. It is also ideal for those who are studying as it is close to universities, top Pretoria schools and amenities.
The complex offers 63 units with a choice of two or three bedrooms. The three-bedroomed units form part of the older development buildings and are spacious at 164sqm and also boast the original parquet flooring. The two-bedroomed units are newly built and start at 104sqm.
The finishes are modern with a choice such as Hansgrohe fittings and gas hobs. There is a choice of units, some with balconies or terraces and while some come with covered parking, there are also some units with a garage to choose from. The two-bedroomed units also have a built-in braai. All units have fibre internet.
