Economic challenges will always bring on a constraint of available property stock in the future, but residential projects that are conceptualised, planned and budgeted for during more bullish times will naturally become more sought after.
Anyone looking to invest in off-plan property today will want to know they are making the right choice. Buyers crave security in knowing that they have invested in the right place at the right time and with a reputable developer who will deliver on their promises.
Unfortunately, in the post-Covid world, many developers may not have the means to deliver on their original vision while those who were getting ready to pull the trigger on a new development may wait until the economic climate improves. Whatever the case may be, one will find that there may very well be a constraint of available stock due to reasons like these.
A reputable developer will have the necessary measures in place to allow them to continue to develop property during economically challenging times, as they would have planned for these kind of events at the outset and ensured they have a buffer in place. This shows potential buyers that the developer can be trusted to deliver what they promise. It can be disheartening for a buyer to pay a deposit on an off-plan property only for it to not get off the ground when it was supposed to. The market wants a sure bet, they want to know the developer is reliable and has a reputation for doing what they say – the proof of the pudding is in the eating, therefore what buyers see is far more valuable than what developers say.
Developments that were conceptualised and planned before the Covid era, like Lush, are naturally more attractive to a potential buyer. The development is located within an establish ‘mother’ estate, Elaleni and what’s even more important is that Lush has already come out the ground. Having the opportunity to walk around a bricks-and-mortar development and to see a physical show unit is indescribably invaluable to a buyer. This is one of the foundations of trust, which is needed in these times.
Forward-thinking developers aren’t triggered by a weakened economy – they are already prepared for these eventualities. Holding back on delivery is detrimental to both developer and buyer; developers who cannot deliver will see a drop in the prices they can command and already invested buyers will have to shoulder the burden on costs on their current home as well as their new one.
People are looking for something certain in an uncertain world, and innovative, proactive property developers will know that now, more than ever, is the time to show that they can be trusted to deliver on their word. Buyer’s fears will be allayed if they can see, feel and experience a brand through various channels – marketing material like brochures, online through social media, real responsive and proactive Sales Teams, regular correspondence which is transparent and honest, imagery showing the progress journey of a development and then being able to experience the physical development itself.