It is too soon to say what the impact of recent riots in KwaZulu-Natal and Gauteng will have on residential property.
He says while the impact on commercial property is"obvious and significant", only time would tell whether residential property in the areas affected by the riots, looting and violence, would be affected.Most hard hit in the uprisings has been the commercial property market with rioters targeting industrial, shopping malls and retail power bases, looting and burning down these properties.
For the Cape, we have seen that good governance and relative safety has been a significant advantage in terms of driving wealth not just to Cape Town itself but also to the Garden Route but"we have not seen an increase in enquiries for Cape property as yet, bear in mind that Cape property is more expensive on a square metre basis compared to other parts of the country, so it is not as easy as simply upping and moving here“.
It is interesting that during the riots yesterday, Seeff Zimbali in KZN took a R14.5 million offer, one of the highest prices there this year.
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