AN OASIS IN THE "CREDIT CRUNCH"

Martin Hayward
Silver Lakes Security and golf estate has managed to withstand the pressures of the declining property market. Through good management and security control the estate was voted by Finweek as one of the best security and golf estates in South Africa and the market growth for the first six months of 2009 compared to 2008 is a clear testimony of that.
The average rand per square meter for properties on the golf course sold increased with 13,3% from R6962.00 for 2008 to R7269.00 for 2009, for properties off the golf course the increase was 4,4% from R9160.00 for 2008 to R10378.00 for 2009 and for properties in the nature reserve phase the increase was 27,2% from R7775.00 for 2008 to R9885.00 for 2009.
The decline in rand per square meter experienced on vacant stands is mainly due to very strict lending criteria applied by all major banks. Currently a 30% deposit is required for a bond on a vacant stand and it has become more difficult to obtain a building loan. In general the demand has been very stable and security has become a priority for many buyers.