Durban - Business is booming for KwaZulu-Natal estate agents, some who have experienced their busiest month on record, but they are concerned that repeated closures of the deeds office due to Covid-19 infections is severely hampering property transactions.
He said the purchase price of first-time buyer properties rose from R698750 to R790000 to R860000 over the period, probably due to the lowest prime interest rate in 47 years.“The amount granted to first-time homeowners, too, has risen from R790419 in April, to R869335 in May, to R995791 in June,” he said.
Tyson Properties Durban co-owner Kim Woods said demand for property was strong in the R1 million to R2m price range. “It’s probably also due to the fact that in April and May buyers were not able to buy but even July is going to be a better than average month for us,” he said.“As we start to get a trickle going through they close again. It is the one thing I didn’t think would be a problem, we all just assumed let’s go back to work but all businesses are sensitive to infection,” he said.