PROPERTY NEWS - The global pandemic has changed the way we work, live and socialise, redefining what we require and desire from our homes.
Naturally, property developers have taken note and these are some of the trends they’re predicting for the year ahead, according to Phil Barker of Renishaw Property Developments in KZN.
Digital communication will continue to grow and aspects such as fibre optic cables, WiFi, biometric access (for increased safety) and the ability to transform into ‘smart homes’ (everything at the click of a button!) will become more important when considering a home.
Working from home means that more buyers can choose lifestyle over proximity to the office. People will be looking at places with large, open spaces, extensive views, and increased security. Nature-based living has proven to be important, but people still want access to modern amenities. All-inclusive estates with on-site recreational facilities are being prioritised as they minimise the need for travel, while allowing for freedom of choice.
Rise in coastal and country living
A fresh emphasis on quality of life means that many people are looking at moving to coastal or countryside properties full time. Both locations are becoming increasingly popular among retirees too. Rather than taking on the cost and admin hassles of a ‘holiday home’, investors are choosing one home that offers a ‘holiday living’ existence and has extra space dedicated to working.
The rising cost of electricity, ongoing load shedding and interrupted water supply has increased the desire to live “off grid” with water storage tanks and solar panels. When it comes to property development, ‘organic’, ‘indigenous’ and ‘sustainable’ are phrases that will dominate.
Low interest rates
Favourable lending rates look set to continue. “This means we can expect to see more property sales, particularly in the R1.5m to R3m category, with well-run, secure estates the hottest sellers,” adds Barker.