Sales up at Seeff

November 27 - October was a particularly successful month for one of South Africa's biggest residential groups, Seeff Properties.

According to the company, there was a 53.4% increase of residential sales compared to October last year.

The Chairman of Seeff Properties, Samuel Seeff outlined some of the reasons why the group managed to sell 133% more units than last year.

"Without a doubt, the low interest rates that have kicked in have made housing more affordable," he said. "Coupled with that, banks are now starting to decrease their loan to value criteria and the pent up demand that we've seen over the last two and a quarter years since the introduction of the NCA has started to come through into the market, converting many from market watchers to market participants."

Many of the offices across South Africa showed higher than the national average increase.

Western Cape sales figures, for example, were 78% higher than October last year.

"In July to October 2008, our sales totalled to R17,978,000 and the number of units sold were 16, whereas July to October 2009 saw our total sales reach R54,420,000 with a total number of units at 42," said Seeff licensee in False Bay, Clive Hinsington.

Hinsington also gave his own insight into the improvement of the market. "Most importantly, we have been successful in counselling sellers to understand the current market and how to adapt their pricing accordingly," he said. "Also, the banks have come to the realization that by relaxing the requirements to obtain bond financing it stimulates the property market."

11/30/2009 11:29:22 AM