Property Group Appoints New GM

October 26 - The new General Manager of Chas Everitt International Property Group in Sandton, Riki Scruton, is confident that the local market is turning and there is already a marked increase in buying activity.

Scruton was appointed the new head of the property group's operations in Sandton, and his role will also cover the Northern suburbs of Johannesburg.

Scruton was inducted into the real estate world at the tender age of seven as he helped his estate agent parents put up signs around Johannesburg. He assisted  his parents' busy agency during vacations, and went on to begin his professional career in 1982.

"Riki is a top performer and comes with a wealth of experience in the marketing of top end property," said the Managing Director of Chas Everitt International, Barry Everitt.

Speaking after his promotion, Scruton said that he was optimistic about the future of South Africa's property market.

"All indications are that the local market has turned," he said. "Sellers are now in the driving seat and some buyers are starting to lose out on good opportunities because they underestimate the market and are putting in offers too low to be considered by sellers."

"We have noticed a marked increase in buying activity and multiple offers on properties are starting to emerge," he said. "Attendance at show days has picked up with an average of 10 prospective buyers per show day, up from around four a year ago. There is also a stock shortage in most areas at present."

Scruton said that easier access to home loan finance was a key trigger to the changes taking place in the industry. He said that the changes had started emerging in winter but have been more palpable since the beginning of September.

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10/26/2009 8:40:59 AM