Will the Commonwealth Games give Durban's property market a boost?

Durban has seven years to prepare for the major international event of the Commonwealth Games 2022, and although there can be little argument that much of the infrastructure is already in place, there is still a great deal to be done before the opening ceremony.

Unlike the Rugby World Cup that took place across the country, Durban will be solely responsible for hosting the tournament, and the benefits associated with this honour are enormous. It was estimated that the games attracted more than 600,000 unique visitors to Glasgow when it hosted the games in 2014.

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The medium-to-long-term benefits of hosting an event of this calibre are huge. The question is, will the increase in visitor numbers boost property sales in the region?

“We have so many major city projects on the drawing board and there’s little doubt this event will be the catalyst for fast-tracking delivery. We know that when public money is committed to projects, private money follows,” says Myles Wakefield, CEO, Wakefields Estate Agents.

“From the Point development to our Go Durban transport system to the magnitude of Film City, 2022 will be the year to showcase the world-class face of Durban to other South Africans, international visitors and the world at large,” he adds.

When asked whether he believes that the event will boost the local property market, Wakefield notes that not everyone will be snapping up Durban’s beachfront offerings. “Like international golfers who experienced the South Coast’s extensive year-round five-star golf offering and so bought holiday homes, I fully expect there to be increased interest in property, from bush to beach to berg, which will hopefully translate into investment.”

Chris Tyson, CEO, Tyson Properties says the fact that visitors and the millions of TV spectators will be exposed to the world-class facilities, infrastructure and magnificent lifestyle that Durban has to offer will most certainly have a positive impact on the Durban property market.

Grant Gavin, broker/owner, RE/MAX Panache, doesn’t necessarily agree that the event will boost sales. As with all the major games and events that South Africa has hosted, he says, the games will provide a positive PR and marketing opportunity for the country.

“The difference this time is that Durban will hog the limelight ahead of other traditional tourist destinations such as Cape Town, and I’m sure we’re going to put on a great show for the rest of the world.”

He says there may well be those who return to invest in property in and around the city, but he doesn’t believe that the games will have much of an impact on this sector. “In my view, the biggest benefit will be to the people of Durban as the games will boost the positive spirit, sentiment and pride that all Durbanites feel for this beautiful city of ours.”

This article was originally published in Sunday Times Neighbourhood: Durban. Visit yourneighbourhood.co.za, like YourNeighbourhoodZA on Facebook and follow YourHoodZA on Twitter.