The awarding of the 2022 Commonwealth Games is testament to the considerable growth the city of Durban has already achieved and is exciting for Durban’s future - its infrastructure, job prospects, tourism market, transport system, and most significantly, its property market.
This is according to Chris Tyson, CEO of Tyson Properties, who says reports show that between 1.2 million and 1.4 million local and foreign visitors are expected to attend the Commonwealth Games over an 11-day period. This is not taking into account the millions of viewers across the globe who will be watching The Games on television.
“In all likelihood, Durban will never get a better opportunity to showcase all that we have to offer, and to generate a desire to invest in our city,” he says.
“The fact that R20 billion will be invested in Durban ensures that infrastructure and facilities will be of a world-class standard. These improvements will elevate our appeal both nationally and internationally, and bodes well for the property market and the economy as a whole.”
He says an Economic Impact Assessment has revealed that hosting The Games will translate into GDP growth of R11 billion and create about 20 000 direct and indirect jobs.
“History has shown that when the economy thrives, the property market performs well.”
Tyson says Durban’s time is now. Over the next 10 years, it is destined to become a sporting mecca, business powerhouse and the ultimate lifestyle destination, potentially the most well-structured, advanced city in the country. This announcement is very significant for the Durban property market, he adds.