Western Cape Business News

Send  Share  RSS  Twitter  12 Nov 2008

PROPERTY: PGP Reports Upturn in Sales


Recent Western Cape Business News

Pam Golding's sales figures show a steady increase in residential turnover in the group’s Cape Town metropolitan region during the course of the third calendar quarter (July to September 2008).

The company's July residential sales in this area were nearly 11 percent higher than those concluded in June, while August saw a further 39 percent increase on July – even though August is historically a quiet month for the property business in the Western Cape.  The trend picked up even further into September, which saw an increase of more than 65 percent over the previous month.

“We are confident that this trend will continue as we head into the traditionally busier summer season,” says PGP’s MD for the Western Cape metro region, Laurie Wener.  “Although prices are softer, they are not dramatically so, and we have in fact seen several very high sales, such as a R23 million home in Constantia, a R25 million sale on the Atlantic Seaboard, and R8.75 million for an equestrian home in Noordhoek.  Although buyers are still exhibiting a higher degree of caution than before, we are also seeing ongoing resilience in the South African market, with consumers taking a long-term view.  There is also growing sentiment that this might be the best time to buy, amid anticipation that the market will see an upturn in 2009.  There is definitely still significant activity at the top end of the market, where cash is king and budgets are not such an issue as in the lower price ranges. This is coupled with activity in the lower end of the market, mainly among cash and high equity buyers.  Certainly there is a strong sense that property is a safer investment than share markets amid turbulent global market conditions.”

Wener adds that PGP has seen an increase in stock in recent months, and has gathered a wide and varied portfolio of properties across all areas and all price ranges.  The company has also recently recruited several well-known and highly-experienced agents to boost its ranks. 

“A recent independent survey by TNS Research Surveys has shown that the public perceives PGP as a top-quality real estate brand, offering world-class service,” says Wener, “and we believe that recruiting the best, most knowledgeable and reputable agents helps gives us this competitive edge – especially in the current market.  We are seeing a definite flight to quality, with people looking for professional advice from an agency in whose reputation they have total confidence and trust.  Sellers are seeking out well-established, reputable brands and specialist agents with in-depth area knowledge and experience, who can help them achieve their best possible price in the shortest possible time.”

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