"Report's show that between 1.2 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," says Chris Tyson, CEO of Tyson Properties.
"The fact that R20bn will be invested in Durban ensures that our infrastructure and facilities will be of a world-class standard. These improvements will undoubtedly elevate our appeal both nationally and internationally and bodes extremely well for the property market and the economy as a whole."
An economic impact assessment has revealed that hosting the Games will translate into GDP growth of R11bn, and create approximately 20,000 direct and indirect jobs. "History has shown that when the economy thrives then the property market performs well," confirms Tyson.
"Durban's time is now! Over the next ten 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 extremely significant for the Durban property market," he ends.
