Student market sparking 'selling season' in the City Bowl
Category Cape Town Property Market
One of the best times of the year to sell a sectional title apartment in any market is undoubtedly between the months of October and March. Armed with an understanding of the history of said market swings and an ability to strategically navigate change over time, Quay 1 International Realty has successfully identified the student market as a significant driving force during the 'selling season' which traditionally occurs from spring to the end of summer.
The student market, which is a pillar of purchasing power in the first and last quarter of every year, is prevalent within the City Bowl. This trend is owing to location, the proximity to UCT and other colleges, and the lifestyle students want to experience during their tertiary years.
In order to gain greater insight into this particular market trend, we decided to speak to the experts who have their eyes and ears on the ground and are leading the way within the real estate market.
Justin Nortier, Branch Manager at Quay 1, highlights the purchasing patterns in the area and notes, "What we have seen is a spike in interest from parents looking to purchase apartments for students at the end of the year, which coincides with the historical selling season."
He continues by saying that, "After many discussions with the parents of various students, the former believe that buying an investment property for their children to stay in during their stint at university or college is a worthwhile investment for the following reasons; There is time for the investment to mature, the property can be looked after by their heir and they have the option of either holding or selling post-studies."
Trent Gibbons, Senior Broker at Quay 1, adds, "Statistically speaking we have seen an increase of approximately 20 to 30 percent of purchasing activity for the student accommodation-style apartments. With this data at their fingertips, we urge any seller, in possession of this property profile, to take advantage by marketing their property during this historically buoyant period of the year."
Owing to affordable accommodation, the proximity to tertiary institutions as well as trendy spots, City Bowl properties have become in-demand for students and parents alike. As the latter is intent on purchasing in the area, the opportunity to sell your apartment or multi bedroomed home is prime. Being well into spring and fast approaching the summer months, it coincides with the rise during the year's last quarter.
Quay 1 is on track to sell real estate to the value of over ZAR 750 Million in the region this year. Subsequently our brokers are working with a number of purchasers that are very keen to invest in your area. Interested to know what your property is worth in the current market? Click on the link below to generate a digital valuation.
Author: Quay 1 International Realty
