Neighbourhood CT - 15 September 2019

Neighbourhood 15 SEPTEMBER 2019

PROPERTY & LIFESTYLE

Lagoon living Small-town charm with good schools, fantastic amenities, top-class beaches, and great value for money – no wonder Langebaan is a sought-after property investment area, page 6

2

TASTE THE TERROIR

yourneighbourhood.co.za

3

PORTUGUESE PASSION

4

BEWARE THE COSTS

6

SUBURB FOCUS: LANGEBAAN

Connecting homeowners with great communities

2

NEWS & LIFESTYLE

15 SEPTEMBER 2019

Editor’s exclusive CARLA REDELINGHUYS

In your hood:

Neighbourhood

Stellenbosch winelands

Stellenbosch Hills | 021 881 3828 | stellenbosch-hills.co.za

Braai in style

W

e’ll be celebrating Heritage Day on Tuesday, 24 September and we want to help you do just that by giving five lucky readers a case of De Krans’s A Twist of Fate wine valued at R550 each.

The story of how this lighter-styled Portuguese blend came to be, is an interesting one. De Krans has traditionally been synonymous with producing award-winning port-style wines, but they’ve also managed in recent years to pave the way with developing interesting and quality Portuguese wines.

This Portuguese blend, made up of tinta barocca and tinta amarella, is all about the story. It pays tribute to the start of the port industry in Calitzdorp when the first Portuguese grape varieties were planted in 1973, by accident.

A fortunate accident it turned out to be, as the climate and the terroir embraced this supposed shiraz acquired from the Swartland area. When they realized that the shiraz was in fact tinta barocca, the port industry was born.

History repeated itself in 1999 when this time tinta amarela was mistaken for tinta roriz. So followed a so-called marriage of

two tintas. Harvested together, only the free-run juice is used, therefore resulting in a light-bodied, fruitier, flavoursome summer red wine – the De Krans A Twist Of Fate.

This wine boasts a beautiful cherry colour with red berry flavours and a spicy character. On the nose, the wine has a lovely earthiness and leather character while the 12 months in oak elegantly translates into subtle oak and smooth tannins. This is the perfect quaffer for red wine drinkers and should be served chilled. It also goes really well with meat dishes, hence it being called the “the braai wine”.

Absolutely perfect for Braai Day. Enjoy!

win To stand a chance of winning, simply email your name and contact details to carla@yourneighbourhood.co.za with “De Krans” in the subject line.

A taste of the Cape A pair of new premium wines from Stellenbosch Hills is a tip of the hat to the terroir of the Cape Winelands WORDS: RICHARD HOLMES

A

s with terms like joie de vivre, the French so often say it better. You’d need entire paragraphs of English to accurately describe the famous French winemaking term terroir, but at its most succinct it translates simply as a “sense of place”, the interplay of climate, location, topography and geology that define each individual vineyard.

IMAGES: SUPPLIED

So it’s fitting that the new range of flagship wines from Stellenbosch Hills is named just that, with the Sense of Place portfolio inspired by the origins of each wine.

“We’re very excited about this range because it gives us the opportunity to shine a light on the very nucleus of our vineyard quality,” says Stellenbosch Hills’ winemaker James Ochse. “They stand out for being Stellenbosch wines, but also quality South African wines.”

Sense of Place launches with a red and a white wine in the portfolio, and with chenin blanc having a moment among local wine-lovers, it’s no surprise that the Kastanjeberg is a wooded chenin blanc. It’s named for the farm on which this single vineyard

PUBLISHED BY TIMES MEDIA PROPERTY PUBLISHING

is situated, on slopes facing the cool breezes off False Bay. It’s a full-bodied chenin blanc, with no shortage of richness and vanilla notes from being fermented with oak staves, but with good freshness on the palate.

“The wine pairs beautifully with crisp pork belly as well as spicy Asian cuisine and cream-based dishes,” suggests Ochse.

The Suikerboschrand red blend pays homage to the broader Stellenbosch winelands, named for the sugarbush protea common on the mountain slopes in the area. Built on a foundation of pinotage this “Cape Blend” is beautifully put together, with spice, structure and ripe fruit thanks to the addition of shiraz, cabernet sauvignon, merlot and a small splash of petit verdot. There’s dark fruit, chocolate and spice all in one appealing package that will work perfectly with hearty late-winter oxtail or seared steak off an early-summer braai.

While these two stunners are well worth discovering, also look out for a new méthode cap classique that should hit the shelves just in time for summer.

EDITORIAL TEAM:

ADVERTISING SALES:

Group Editor: Carla Redelinghuys carla@yourneighbourhood.co.za Senior Sub-Editor: Marana Brand Designers: Anja Bramley & Samantha Durand Visit yourneighbourhood.co.za

Call us for advertising opportunities on 087 828 0423 Production (Editorial & Property Advertising): Lucea Goosen capetown@yourneighbourhood.co.za Online coordinator: Chantelle Balsdon chantelle@augmentcreative.com

15 SEPTEMBER 2019

Neighbourhood

In your hood:

Green Point

In your hood:

Caramba! | 021 285 0391 | Facebook: @carambact

NEWS & LIFESTYLE

3

Somerset West

Morgenster Wine & Olive Estate | 021 852 1738 | morgenster.co.za

¡Ay, caramba!

A small slice of Portugal in Green Point with a warm, welcoming family vibe WORDS AND IMAGES: KIT HEATHCOCK

C

aramba prides itself on cooking up authentic Portuguese food.

To owners Analita da Silva and Rob Pagan this means including traditional recipes that take days of slow preparation, the dishes that Analita’s family would cook for celebrations and for everyday family meals.

“What we’ve done is taken the perception of Portuguese food which here in SA comes from the Mozambican and Angolan traditions such as peri-peri chicken and prawns, and added the authentic traditional dishes that you find in Portugal,” says Rob. Analita’s family came from Madeira, Rob’s from Mozambique and they both grew up here in Cape Town.

Together they have created a warm neighbourhood taverna that’s busy every night, and on Sundays it’s full of Cape Town’s Portuguese community gathering for family lunches. Seating just 30 inside and the same again under umbrellas outside, the vibe is intimate and homely. The emphasis is on hearty home cooking, everything being freshly prepared daily, including the three levels of homemade peri-peri sauce. We tried the mild and the hot, the extra hot is for those who like tears to flow as they eat!

The peri-peri chicken with crisp spicy skin and succulent flesh has just the right degree of heat, and comes with periperi sauce to add more to taste. A rich bean stew, feljoada takes four days to prepare, beans simmered slowly with chicken, pork and chorizo to mellow depth of flavour, and makes a sustaining and hearty winter lunch on its own.

Leave enough room to taste Analita’s homemade pasteis de nata – Portuguese custard tarts with crispy pastry, luscious wobbly egg custard and a hint of cinnamon.

It’s true comfort food from a culture that loves eating, and that makes the most of simple ingredients cooked with integrity.

Bacalhau, the traditional salt cod of Portugal, features in several dishes – previous experiences of it elsewhere had left me underwhelmed but it’s a revelation here at Caramba. The secret is seven days of soaking with multiple changes of water, resulting in fish that’s delicate in flavour and texture.

We devour the pasteis de bacalhao – cod croquettes – as a starter, and love the celebratory platter of bacalhao with potatoes, boiled egg, caramelised onions and olives, a traditional Portuguese Christmas dish.

We savour peri-peri chicken livers, in a gorgeous rich sauce, then mop up the sauce with delicious piping-hot milho frito, crisp cornmeal fritters that are a typical Madeiran side dish.

Salute Try a tasting with a difference WORDS: CARLA REDELINGHUYS

IMAGES: SUPPLIED

M

orgenster Wine and Olive Estate is offering a glimpse into Italian culinary culture with their new Italian experience. Situated in Somerset West, the farm produces bordeaux-style wines, Italian cultivars, and award-winning extra virgin olive oil.

Our journey begins with a tutored olive oil tasting, conducted by the extremely knowledgeable and passionate Johnny Modise. In front of us we have the Morgenster Extra Virgin Olive Oil, Monte Marcello Extra Virgin Olive Oil, Don Carlo Extra Virgin Olive Oil and the Lemon Enhanced Extra Virgin Olive Oil, and balsamic vinegar. Johnny tells us to cup each small glass with our hands to warm up the oil slightly.

Now you sniff, sip, swirl around in your mouth, and swallow. Basically, just like you would with wine.

Werner Els, the customer relationship manager, introduces himself and explains that the aim at Morgenster is to change perceptions around olive oil.

To get people to understand that it’s just as complex as wine, that there are different kinds and different tastes. And that you can use it for so much more than simply to drizzle over salads. He backs up this statement by bringing us vanilla ice cream and then drizzles the lemon-infused oil over it. I know, right?

But, it’s heavenly, velvety goodness.

After the tasting, we tuck into the Italian cheese and charcuterie board – a wedge of Parmigiano Reggiano, slices of cured wild boar and bresaola with sun-ripened vine tomatoes, cured olives, olive oil, balsamic and freshly baked Schoon baguette. You also get a choice of two estate-grown Italian cultivar wines – Morgenster Nabucco (a single vineyard nebbiolo) or the Morgenster Tosca (a sangiovese and cabernet sauvignon blend).

The experience costs R250 and serves two. And it’s without a doubt the biggest bargain you’ll find this side of Sir Lowry’s Pass.

4

PROPERTY NEWS

15 SEPTEMBER 2019

Neighbourhood

The cost of selling a property It’s important to do your financial homework before you sell your property. There are costs you may know nothing about, and others which are higher than you envisaged.

WORDS: ANNE SCHAUFFER

I

t’s easy to mistake the selling price achieved for your property, with what you’re going to put into your pocket. Although your asking price cannot be a reflection of what you need, rather than what it’s worth in the current marketplace, it’s also worth doing the math so there are no surprises along the way.

Maria Davey, Meumann White Attorneys, unpacks the seller’s usual costs of selling, and the first place to start. “The seller pays to cancel any existing mortgage bond/s he or she may have. That bond needs to be cancelled even if there are no monies due to the bank that initially granted the seller a loan. Some people erroneously believe that a ‘nil’ balance means there is nothing to cancel.”

Certificates required

Depending on where the property is in South Africa, there are

IMAGE: SHUTTERSTOCK

various certificates which need to be obtained. You need to ask your conveyancer for what is required.

“All will need electrical compliance (including electric fence) certificates and gas reticulation certificates; entomologist (beetle) is only required in KZN and the Western Cape; plumbing certificates are required in the Western Cape, but not KZN yet,” says Davey.

Importantly, if there’s work required to enable these certificates to be issued, then the seller will be liable for these – so, if the entomologist finds a borer infestation (which in certain areas in KZN for example, is very likely), the seller is responsible for tenting and fumigating their home.

Agent’s fees

The seller is liable for the estate agent’s commission, which is usually

calculated as a percentage of the selling price. The percentage payable varies between agencies and is sometimes negotiable. It’s usually payable on transfer of the property.

“Sometimes, there’s a fee payable to a homeowners’ association by the seller.”

And if it’s sectional title?

Davey says, “With sectional title, it’s usually agreed that all special levies passed before signature are for the seller’s account, and after signature, the purchaser’s account. Sellers of sectional title units who sell where a special levy has been imposed that’s being paid over a period of time in instalments, need to be aware that if they agree to be liable for levies imposed before signature, the full balance outstanding to the body corporate will need to be settled on transfer. If they expect the purchaser to take over the payments, they must specifically set this out in the agreement.”

6

PROPERTY NEWS

15 SEPTEMBER 2019

Neighbourhood

Suburb focus

Langebaan With its beautiful turquoise lagoon bordered by the West Coast National Park, wildlife in your backyard and every imaginable water sport on offer, it’s easy to see why Langebaan has always been a popular holiday and weekend destination WORDS: KIT HEATHCOCK

*Map not to scale

IMAGES: SHUTTERSTOCK, SUPPLIED & GOOGLE MAPS

O

ver the last decade, the same attractions that have drawn holidaymakers to this small town on the West Coast, have resulted in a growing resident population, swapping the big city for a more peaceful existence.

How can you not love Langebaan with its beautiful surroundings? Langebaan is all about nature, the sea, perfect weather and awesome people. It always has a holiday vibe. It’s a place where you still feel safe to let your children run wild.

TOMAS SMITH, RESIDENT

“It’s a small town, but we have everything we need right here and if you really miss the big city lights, Cape Town is just over an hour’s drive away. We’re surrounded by beautiful nature and time just passes a tad slower here,” says Elmien Gotsell, Black Eagle Brewery, who went from being a regular weekender to a full-time resident 14 years ago.

Some residents work in nearby Saldanha Bay where the Industrial Development Zone status has brought international investment, others tap into the tourism and hospitality market with local businesses. And some find the one-hour commute to Cape Town worth it for the lifestyle and sense of community.

“We have an awesome community of friendly and loving people, always supporting where they can,” says Tomas Smith, Thoban Chefs, who moved here from Joburg eight years ago for a peaceful environment to bring up his children.

Everyday life is easy. “It takes me five minutes to get to work and to the shops. Langebaan doesn’t have any traffic lights and only recently got traffic circles,” says resident Tracy-Lee Campbell. “We have some great local general practitioners in Langebaan, a medical centre

DEVELOPMENTS • Shark Bay Estate: residential property development on the edge of Langebaan, now in its completion phase. The estate will comprise 68 residential plots, spread across four small clusters.

• La Pinta Lifestyle Village, Langebaan • Ocean Villas, Strandveld Villas, and Yzerfontein Heights, all in Yzerfontein

has just popped up, and there are great hospitals in Vredenburg, which is 20 minutes away.”

As soon as the workday is over, the beach and lagoon beckon, with surfing, fishing, kite-surfing, sailing, swimming and much more right on your doorstep.

Property

From being a small town with a large proportion of holiday homes, Langebaan is now growing apace with a wave of new developments underway. Club Mykonos at the far end of the beach just outside town is now backed by Long Acres Country Estate. Langebaan Country Estate is set just back from the beach between the town and the resort, Calypso Beach offers beachfront properties, Myburgh Park on the hills behind the town has spectacular views over the lagoon, and there are still plenty of empty plots available to build a dream home.

Schools

Perhaps surprisingly for such a small town, Langebaan has a choice of private schools in addition to the state primary school, which is a fair indication of how much the resident population has grown. The schools also draw students from the neighbouring West Coast towns. Curro Langebaan goes all the way from three months to matric and has a boarding facility too, Topolino is parallel medium with English and Afrikaans classes up to

Grade 7, and Longacres is dual medium from Grade 1 to 9 with an affiliated bilingual preschool at Seeskulpie Educational Development Centre.

Explore

“I love our beautiful lagoon which offers great water sports such as fishing, kite surfing, surfing, SUP, paddle skiing, and diving,” says Tracy, “and our gem, the West Coast National Park, has beautiful flowers during spring, lovely wild life, and bird watching. Kraalbaai is a must for a tan and swim, and a beautiful 16-mile beach where you can occasionally spot whales.” Various sections of the lagoon are designated for powerboats leaving other areas free for windpower, and the furthest reaches are reserved for nature and wildlife, the pristine waters bringing a rich variety of migratory birds to visit.

On land you can escape into nature, cycling, hiking or running. “I love going for a walk or a run on one of the golf estate’s beautiful trails.

You have magnificent views of the lagoon and the town from there, and if you’re lucky you might spot the black eagles,” says Elmien.

If you ever need more than nature, beach and water, the Mykonos resort is full of facilities from a heated pool to casino, Sunny Park offers water slides and putt-putt, there are two golf courses, regular fun runs and markets, and, of course, a variety of restaurants and bars for the social gatherings at the end of a day of sea, sand and surf.

15 SEPTEMBER 2019

Neighbourhood

PROPERTY NEWS

7

EAT NATURE PLAY • West Coast National Park: spring flowers and wildlife • Birdwatching all around the lagoon • West Coast Fossil Park including horse-riding trails and MTB trails • Kraalbaai beach in the National Park: swimming in clear lagoon waters, and sunbathing • Explore the underwater marine world with Langebaan Divers • Thali Thali Game Reserve: game drives

• Beach and lagoon for all water sports • Sunny Park: water slides, putt-putt, trampolines • Club Mykonos Resort: Greek-themed resort with kalivas, restaurant, kids club, marina and casino • Golf at the Langebaan golf course • Parkrun on Saturdays • Denlyn Park Market last Saturday of each month

• Pearlys: a beachfront landmark serving everything from seafood to pizza and breakfasts • Thoban Chefs: sushi and Asian eats • Black Eagle Brewery: craft beer and pirozhkis • Kokomos: a wide variety of burgers, pizzas, pasta and seafood with a view of the lagoon • Die Watergat: local sports bar with pizzas and langarm dancing • Pirates: steakhouse and pub • Marc’s Beach Bar: seafood, mussels, pizzas, cocktails and more

Agent insight Devmark Property Group | 021 948 3502

Langebaan enjoys a moderate climate and offers numerous excellent holiday facilities. It’s known as the ornithological capital of South Africa, having recorded the largest oyster shell deposits in the world, while the nearby West Coast National Park offers a great variety of fauna and flora. I’m also very excited about Langebaan Manor, which will be situated in the centre of town, close to all amenities and the pristine white beaches surrounding the lagoon.

It’ll be the ideal investment for those wanting to retire in a beautiful setting close to the city. It’ll offer the best location, state-of-the-art security, garden and house cleaning services, affordable levies, and everything to ensure a stress free lifestyle.

Walter Hart, sales agent 072 795 5371 | walter@langebaanmanor.co.za

Developer insight Langebaan Country Estate | 022 772 2112

The lagoon village of Langebaan is becoming increasingly popular to those looking for a laid-back, safe lifestyle. With good schools, affordable properties – especially compared to the cities – fantastic amenities and top-class beaches all within an hour’s drive from Cape Town, it’s no wonder the town is a sought-after property investment area. There’s such a wide range of activities, restaurants, shops, services and infrastructure here that it has become a destination of choice for young families and retirees alike. However, it still has that small-town charm – the key to the town’s success. There’s a sense of freedom here you don’t get in the cities. Life is peaceful and you can go to sleep with a sense of calm.

You’ll pay

R24,560 per month

R2,545m

For a typical property (three-bedroom house)

R1,422,500 In a complex

over a period of 20 years at 10% prime

R1,499m For an apartment

R2,925m For a house

For a typical property (three-bedroom house)

4%

R8,560 In a complex

94%

COMPLEX

4%

R13,350 For a house

20% 76%

R7,900

For an apartment HOUSE

median asking price

Median asking price

R13,250

Based on

R2,545,000

2%

APARTMENT

For a typical property in this area

Median asking price

APARTMENT

Monthly bond repayments

For rent

HOUSE

For sale

COMPLEX

Craig Scott, CEO and developer

Ho mes s elling f rom R1 8 7 0 0 0 0

FR EE HO LD R ETI R EMEN T P R O P ER TI ES

- L u x u r y 2 & 3 b e d room si ngl e re si de nt i a l home s

- Aut he nt i c We s t Coa s t a r ch i t e c t u r al d e s i gn s w i t h l ar ge p at i o s

- 9 Un it types to choose from

- Q ua l i t y fi ni s he s

- R an gin g in si ze from 103m 2 - 150 m 2

- Cl ubhous e w i t h fr a i l ca r e c en t r e an d s e r v i c e d ap ar t m e n t s

- Se llin g f r om R1 870 000

- P e t fr i e ndl y

Retir e to Langeb aan Manor to live your best l i f e now, wi th sec uri ty a nd p eace of mind in the he art of a c oastal c ommuni ty.

Wa lt er Ha rt 0 72 7 95 5371 | walter@lan g e b aa n m a n o r.co .z a | www.l a n g e b a a n m a n o r.co .z a C h rist ia a n Sleig h 07 3 566 1393 | ch ristiaan @la n g e b a a n m a n o r.co .z a | www.l a n g e b a a n m a n o r.co .z a

28 Years of Retirement Development Success

devmark.co.za

Prospective residents can take pride in designing their own beautiful home, in close proximity to the West Coast National P�rk.: _ ..

.,. .. -, :,·

-

�

t... )

Property in Shark Bay Estate is ideal for nature lovers, family holiday homes, retirees, kitesurfers and fishermen.

Prospective residents can take pride in designing th beautiful home, in close proximity to the West Coast Nat

.,.

Property in Shark Bay Estate is ideal for nature lovers FROM R1.5m holiday homes, retirees, kitesurfers and fisherm

Situated on the urban edge of Langebaan on the West Coast, This development spreads across 82 ha’s of nature reserve.

Prospective residents can take pride in designing their own beautiful home, in close proximity to the West Coast National Park.

Property in Shark Bay Estate is ideal for nature lovers, family holiday homes, retirees, kitesurfers and fishermen.

PROPERTIES

Stephanie WynneCole Cole082 082570 5706540 6540/ /Jamie Jamie Knee 7766 Stephanie Wynne Knee 082082 447447 7766 Helene Sleigh083 083310 3106630 6630//Esther Esther van Merwe 083 1853 522 1853 Helene Sleigh van derder Merwe 083 522 Adele 083310 3106601 6601 Adele Zurnamer Zurnamer 083 Offi ce 022 Office 022772 772 2196 2196 www.pamgolding.eo.za/shark-bay-estate

PROPERTIES

An International Associate of Savills S8VI S

"II

Stephanie Wynne Cole 082 570 6540 / Jamie Knee 082 447 77 Helene Sleigh 083 310 6630 / Esther van der Merwe 083 522 185 Adele Zurnamer 083 310 6601 Office 022 772 2196 www.pamgolding.eo.za/shark-bay-estate

Rebosa invite 265mm x 189mm.indd 1

A Ass

2019/09/12 12:45

15 SEPTEMBER 2019

Neighbourhood

PROPERTY NEWS

11

Global construction sector to support economic growth D

espite the headwinds facing the world economy, the global construction sector entered 2019 with significant momentum, having seen growth of 5% in 2018.

And, according to the latest annual International Construction Market Survey (ICMS) by independent professional services company Turner & Townsend, prospects throughout 2019 are expected to remain buoyant.

Property buyers capitalise on Muizenberg I nvestors are increasingly spending on beach apartments in Muizenberg, and, according to Seeff agent Paddy Mow, in 10 years prices have more than doubled and have continued to rise year on year, irrespective of the economic or political climate.

For investors, the equation is simple – today’s price is tomorrow’s bargain.

In 2009, the entry level price for a small one-bedroom apartment of 52m2 was between R630,000 and R695,000. Currently, if fully equipped for short letting, sellers are achieving R1,5m for a decorated interior and about R1,4m if unfurnished.

A slightly bigger one-bedroom unit of 61m2 with a balcony was selling for R730,000 to R799,000. Today, she says, a fully equipped unit will sell for between R1,65m and R1,7m, while two-bedroom units moved from R950,000 to R1,1m for a non-sea-facing unit, R1,75m to R1,82m for a basic apartment, and R1,95m for a fully equipped and furnished unit.

He says last month’s rate cut by the South African Reserve Bank (SARB) by 25 basis points to 6,5%, was one of the biggest influencers, bringing a much-needed reprieve for existing and new homeowners.

This was met with innovative home loan offers from local banks and an

“Our survey indicates there’s considerable momentum in the global construction sector, helping to mitigate the effects of weaker, late-cycle economic growth,” says Wendy Cerutti, associate director: cost management and South Africa ICMS specialist, Turner & Townsend. “With construction projects generally spanning multiple years, once started, they’re likely to keep going. There are also many instances where large projects, such as the natural resources sector, transcend economic cycles, often continuing during a downturn and delivering into a recovering market.

Sea-facing apartments with two bedrooms are now selling for R3,1m, and if fully equipped for short letting purposes, for R3,35m to R3,45m. That said, investors are well informed, and there has been resistance to the R3,7m price mark, but sellers are still able to achieve good prices, she says.

Investors can expect short let returns of around R1,030 to R1,880 per day for a one-bedroom apartment, the upper end being the peak rate. A non-sea-facing unit with two bedrooms can command R1,730 and R2,520 during the peak season, and for a sea-facing unit, around R2,200 per day to R3,220 per day.

increase in “buy to rent” opportunities in the mid-priced segment.

Local banks are targeting buyers with several attractive home loan options.

On the back of a very slow period, this could seem extremely attractive to first-time buyers, but Du Toit says caution is required. “While it’s great to see increased market activity, buyers need to pay attention to the offers made and question whether it’s the best approach before fully committing.”

In an effort to increase market share, local banks are becoming increasingly creative with their home loan offers, some offering to not only cover the deposit, but costs too.

According to Bondspark this could cost the consumer in the long run and applicants must be very circumspect when accepting these offers.

“By 2020 there could be 24 markets described as hot or overheating compared with 18 today. This is based on the high number of locations where the survey indicates the market is getting warmer.

“Increasing activity and demand, in an already hot market, present both opportunities and challenges for the construction industry and its customers. On one hand, strong growth in construction will help support economic growth, reducing the potential of a major downturn.

This could cushion some of the negative impacts on the sector and help maintain favourable conditions for business in many markets.

“The challenge is, as hotter markets become more overstretched, escalating construction costs and tighter labour markets will increasingly frustrate attempts to deliver projects to desired standards, cost and time frames.”

In the ICMS report, in terms of construction costs, to identify the most expensive market to build, the average build cost in US dollar of six different types of construction was assessed: apartment high-rise, office block prestige, large warehouse distribution centre, general hospital, primary and secondary school, and shopping centre including mall.

There are also two popular short let services – Whale Watchers and Surfers Corner – who both offer a hands-on service. Property owners who have gone the Airbnb route have to arrange their own cleaning service, laundry, inventory check, client meet and greets, key handovers and so on, so most use the letting services on offer.

Approach upswing with caution D espite the recent interest rate cut, increased home loan applications on the back of attractive banking offers, and intensified bargain hunting opportunities, Bondspark CEO Marcel du Toit warns that consumers need to remain conservative when considering whether to buy or sell, and says there are several reasons behind the overall improvement of the local property sector this quarter.

This latest overview of the construction market across six cities in Africa, including Joburg, and another 58 cities around the world, reveals that 28% of markets are hot or overheating while a further 36% continue to warm up. Only 8% are cooling, indicating

widespread and continued growth in workload throughout the year.

This year, San Francisco at $4,482.70 per square metre (±R65,656) ousted New York ($3,958.30 or ±R57,975) from the top spot. In Africa, Joburg’s average construction costs are R13,950/m2, while average costs in other African cities are Dar es Salaam $922.30 (±R13,512); Harare $683.30 (±R10,010); Kampala $967.30 (±R14,171); Kigali $85.40 (±R1,251) and Nairobi $738.40 (±R10,817).

Combined office and dealership scheme in Menlyn Maine P roperty developer Abland is on track to complete the premium A-grade office space uniquely situated above Toyota’s next dealership in Menlyn Maine, which will be ready for trade by 1 March next year.

The development, Menlyn Central, is in partnership with Barloworld Automotive, Tadvest Commercial SA, and Namib Gate Investments.

The scheme will boast a proposed four-star green rating with green building council accreditation.

The building area will consist of a 16,000m² dealership with 12,000m² premium A-grade office space, creating 15 floors in total, with potential for rooftop or penthouse offices.

Ideally located along Corobay Avenue in Menlyn, Pretoria, the scheme is situated opposite the popular retail heart of the Menlyn Maine precinct, providing occupants of Menlyn Central with access to a range of

amenities from hotels and gyms to residential units. Moreover, recent infrastructure upgrades ensure that motorists have easy access from both the Atterbury and Garsfontein off-ramps from the N1 freeway.