Aida opens new coastal offices

10 August 2011

Still on the expansion trail it has been following for the past 18 months, national real estate group Aida has just opened three more offices in KwaZulu-Natal – two on the South Coast and one in Ballito on the North Coast.

This brings the total of Aida outlets in the province to six, and there are more in the pipeline, says CEO Young Carr. “The KZN property market is beginning to recover from the recession, with prices starting to rise now in response to increased demand.

“Indeed, the latest Absa Housing Review reveals that the average home price in the province during the second quarter of this year was 5% up on the first quarter, and that year-on-year price growth is back in positive territory.”

However, he says, prices are generally still well below boom levels, and the increased activity in the market is in recognition of the fact that there are many really excellent buying opportunities now for both local homeowners looking to upgrade and out-of-province holiday home buyers and investors.

“We believe the timing is thus opportune to establish new outlets that can further showcase these opportunities to a national audience and benefit KZN home sellers.”

Carr says home sellers along the KZN coast should also take heart from the latest FNB Property Barometer, which reveals that holiday home purchasing has more than doubled in the past year.

“Holiday property buying expressed as a percentage of total residential buying has risen from an estimated 1% in mid-2010 to an estimated 3% by the end of the second quarter this year – which we think is excellent news considering that at the peak of the market in 2007, holiday home buying accounted for just 5% of all purchases.”

What is more, he notes, closer analysis of the Absa figures reveals that KZN coastal regions, while coming off a low base, experienced some of the best year-on-year performances in the second quarter of this year, “and we expected these to be sustained by growing buyer interest, especially on the North Coast.”

Issued by Aida National Franchises
Aida head office: 012 682 9600
Contact: Young Carr