Joburg inner city tenants turn into buyers
As reported in the Financial Mail recently, younger executives, academics and creatives are once again flocking into Joburg's CBD to operate and play.
The fall in crime levels and the impending opening of the Gautrain Park Station widened the setting for masses to go and go in the area.
Aengus Property Holdings is seeing a resulting surge in pursuit in its sectional title units in downturn Johannesburg, especially with current tenants looking to buy.
Says CEO of Aengus Property Holdings, Richard Rubin, "We're seeing a really exciting surge in pursuit in our inner city residential units. Many of them are actually current tenants who are looking to buy their first homes. Because these apartments are more affordable than those in Johannesburg's more established neighbourhoods, they offer good value."
Many of the tenants started off life in the region as students who wanted to be faithful to their academic institutions and later days of renting, are now in a view to give their first home.
"These former students seem reluctant to leave," comments Rubin, "and that bodes well for the country as they are now young professionals who are making economic contributions to the area by continuing to be there."
The subject for the growing list of first-time home owners is backed up by the 2nd Quarter FNB Estate Agent Home Buying Survey, which reports the start time buying percentage has increased once more to 25% of total buying, from 22% in the 1st quarter.
As for whether banks are making loans affordable, Rubins says, "There seems to be a certain number of pressure right now for banks to take loans more approachable to people who wish to own their own homes and to advance a refinement of saving. It sure makes sense to contribute to the case of tenant and home owner we attract who are enlightened and employed."
Aengus Property Holdings Press Release
Posted at 07:24AM Jul 06, 2011by Editor in Cities and Towns |Comments[0]
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