Property market in lockdown — “I doubt things will go back to normal”

Assis Pontes

LEPHALALE — Assis Pontes, Principal at Pam Golding Properties in Lephalale, says there is a definite change in the marketplace. “I would certainly rather wait for a long period to then see the extent of the downturn. The deeds office has opened which is crucial for sellers for getting deals transferred, but they are struggling with the municipalities to get clearance certificates. The way we transact with clients, and by keeping the COVID-19 protocol, it is different now.

“Rentals have been stable, in terms of payments. There are some cases of partial payments, but it is being managed. We have concluded transactions and are having deals registered. I would describe business as being slow,” he continues.

In your opinion, how long is it going to take for the property market to get back to normal?

“Some factors are certainly helping, like lower interest rates which are at levels last seen decades ago. An economy and the property market are really driven by the confidence people have. When people feel secure about their income, growth, and their business, then the property market will reflect accordingly. In terms of normal, I doubt things will go back to normal.

There are always cycles in any business – there are ups and downs. We experience the cycles on an ongoing basis, and Pam Golding Properties has been riding the cycles for 16 successful years. There will be more ups and downs.”

Regarding the possibility of new future projects in Lephalale, Assis said: “I think there are new trends, the work from home is a massive trend, suddenly the home environment where working from home is a new dynamic. If online education takes place even more, then the concept of attractive suburbs changes. Living in remote secure places becomes more viable, that bodes well for properties that offer a more natural lifestyle. For growth prospects for Lephalale, the new waterline needs to be completed, and an upgrade on the railway system to transport more coal is needed to make Lephalale a platform geared up towards more growth,” he concluded.

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