ITS MY HOUSE: Bond Applications for New Developments Are on the Up.
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Natasha Champion, Regional Sales Manager for OOBA talks about Bond Applications for New Developments Are on the Up - Here’s What’s Driving Demand
New residential developments (also known as off-plan properties) have experienced a notable surge in popularity among South African homebuyers, and this trend is set to accelerate for the foreseeable future.
Data from ooba Home Loans, South Africa’s leading home loan comparison service, shows an increase in approved home loans for new developments – up from 6.89% in October 2021 to 14.99% in September 2022 – a 117% increase year-on-year.
“The key factors driving the demand for lock-up-and-go properties such as these are linked to stock shortages of affordable free-hold homes in sought-after areas and the reduced costs of buying into a new development due to zero transfer duties, plus the benefits housing developments can offer buyers,” comments Rhys Dyer, ooba Group CEO.
“Homebuyers are also attracted to the convenience and luxury of on-site amenities such as gyms, swimming pools, restaurants and kiosks, the enhanced safety and security, as well as the prospect of being surrounded by a community.”
New residential developments (also known as off-plan properties) have experienced a notable surge in popularity among South African homebuyers, and this trend is set to accelerate for the foreseeable future.
Data from ooba Home Loans, South Africa’s leading home loan comparison service, shows an increase in approved home loans for new developments – up from 6.89% in October 2021 to 14.99% in September 2022 – a 117% increase year-on-year.
“The key factors driving the demand for lock-up-and-go properties such as these are linked to stock shortages of affordable free-hold homes in sought-after areas and the reduced costs of buying into a new development due to zero transfer duties, plus the benefits housing developments can offer buyers,” comments Rhys Dyer, ooba Group CEO.
“Homebuyers are also attracted to the convenience and luxury of on-site amenities such as gyms, swimming pools, restaurants and kiosks, the enhanced safety and security, as well as the prospect of being surrounded by a community.”
