If you are wanting to purchase property for sale in George, then now would be the time to consider making that investment. Last year saw a drop in sales in the South African property market, but things are looking up and are expected to continue improving as we move into next year.
Brendan Miller, CEO of Lew Geffen Sotheby’s International Realty remains upbeat: “Although there have certainly been extenuating influential factors like the water crisis and political instability and the land expropriation issue certainly hasn’t stimulated the market, we mustn’t forget that the property industry always works in cycles.”
While some sectors and areas have done better than others when it came to holding their own through this trying time in the property market, strong competitors have managed to do so with realistically priced properties that maintain interest from investors.
One of these areas is Mouille Point, a prime oceanfront suburb with a broad property spectrum, which ranges from around R2m to designer trophy homes that come at much bigger price tags. Occasionally one can even still find studio apartments, often with sea views, for between R1.5 and R1.9m.
He adds that Mouille Point also appeals to investment buyers who are attracted by a strong rental market, which consistently yields high returns for both long and short-term lets.
The rental market has seen a dip in sales, making rental property more available, which might not be purely due to the economy and more to doing with pricing. With more availability of property in the rental industry it is easier to negotiate on price, although owners are not always open to this. However, considering the nature of the economy at present, some homeowners and landlords may need to change their mindsets.