Parking Space Adds Value to SA Property

November 12 - While the problem of sufficient parking has never been much of an issue for South Africans in the past, there are many projects these days where lack of parking is a big deal. (Think Cape Town's Clifton).

There are an estimated 9 million cars on South African roads, with 50,000 being added every month.

As such, parking is starting to play a major role in the decision making factor when buying a property.

The CEO of RE/MAX in Southern Africa, Adrian Goslett commented on the issue and said: "In cities around the world, parking is a major issue due to the rapid development within CBD's, the already limited space and the cost of providing parking in areas where land values are high."

He said that in residential developments, space constraints and land costs have resulted in sectional title schemes relying on public parking.

"Adequate parking arrangements definitely add value to a property, but its independent, intrinsic value is also increasing as demand increases," said Goslett. "Hence, the importance of parking is also affecting issues such as insurance and property finance."

According to Goslett, parking in South Africa is now considered more of a sought-after commodity than ever before.

Drivers in Johannesburg's CBD could expect to pay R500 a month, while it is not unheard of for parking to cost R1,000 in Cape Town's city center.

As such, those looking to invest in property should take this often overlooked issue into account and consider the question of parking.

11/12/2010 9:30:08 AM