Residential property developer and manager Laurence Grigorov is the director of Laurence Martin Developments in Johannesburg, South Africa. Specializing in high-end residential real estate, Laurence Grigorov operates properties in Johannesburg’s northern suburbs.
Johannesburg’s residential property market has weathered a tough year so far in 2020 and remained relatively resilient despite depressed economic activity and market uncertainty. In Q2 of 2020 (April to June), for example, according to data from Lightstone Property, 5,792 bond registrations were filed at the Deeds Office, an 87 percent decline from a similar period last year. In addition, only 5,941 transfers, bonded and unbonded, were recorded in the Deeds Office that period, down 91 percent from a similar period last year.
Considering that no transactions were recorded in the Deeds Office for most of April and May, the relatively high June numbers provide hope to real estate professionals that the second half of 2020 will be better. Furthermore, the depressed economic activity has created attractive investment opportunities in both the northern and southern suburbs of Johannesburg, while lower interest rates now give buyers additional financing options.
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