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Monday Oct 01, 2018

Convert to survive low growth

Private companies, investors meet demand for housing by turning from commercial to residential

Widespread office-to-residential property conversion is taking place in Durban as the demand for housing in the city grows. In particular, student accommodation and entry-level to middle-income homes are needed, says Yianni Pavlou, company principal at Portfolio Property Investments.

Prominent private companies and investors are driving the trend, he says.

The reasons behind these conversions include:
Shortage of housing supply.
Better rental yields in the residential space compared to office.
Increased migration to Durban.

Furthermore, the regeneration of areas drives up the residential interest in them and the global trend of densification has finally started to take hold in Durban. The volume of such conversions is definitely increasing and expected to continue on this upward trajectory, Pavlou says.

Read more on Property360...

Bonny Fourie


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