In the area 4 - Mafikeng

Mining a boon to Mafikeng

There is a “quiet boom” going on the little Northwest town of Mafikeng, thanks to increased platinum mining in the area, and both house prices and rentals here are still climbing.

That’s the news from Latiefa Jacobs, principal of leading local agency Harcourts Diamond (formerly Homenet), who says: “Mafikeng is definitely up and coming. For instance, a home that would cost R600 000 in Lichtenberg will sell for R900 000 here, and rentals have risen by 25% in the past year.

“Indeed, so popular have rentals become in the town that rental stock is thin on the ground with the average house renting for between R3 500 and R6500pm depending on locality.”

Meanwhile, the influx of new residents in the wake of the expanded mining activities has prompted new development in Mafikeng. A sizeable new mall on Nelson Mandela Drive is nearing completion, and there are many new homes going up, notably at the Leopard Park Golf Estate where luxury homes are selling for between R3,5m and R7m. Stands here measure 1000sqm on average and facilities include a pool, gym and clubhouse.

There are also, says Jacobs, good opportunities for buy-to-let investors, thanks to the high demand for short-term accommodation, and there is a range of property available from R300 000 right up to R3,5m.

Article by: www.harcourts.co.za