Great time to buy a Margate property

Holiday properties in Margate on KwaZulu-Natal’s popular South Coast are once again drawing buyers, thanks to high availability and discounted prices.

Top local gent Dale Terblanche, who recently joined the new Chas Everitt International agency in Margate, says some properties are now as much as 30% cheaper than at the height of the recent property boom.

“In fact, the market has been flooded with holiday units as investors who over-extended themselves during the boom try to downsize their portfolios – and buyers can now pick and choose among a wide range of properties at very favourable prices,” she says.

“And in response, bargain hunters are coming into the market now, many of them with cash to spend. They should be aware, however, that while most keen sellers are amenable to negotiating on price, they are still rejecting unreasonable offers.”

In the short time since the new agency opened, she says, there has been marked increase in demand for local properties. “About 80% of our buyers vet properties by viewing them on our website and some properties are viewed by up to 250 interested parties.

“And we expect the volumes to increase towards the end of the year – traditionally a popular time to view or buy holiday property – thanks to lower interest rates and encouraging signs of a recovery in the economy as a whole.”

Prices for holiday units in Margate start at around R800 000, which will buy a townhouse with two or three bedrooms and inland views. Similar properties with sea views are being offered from R1,3m, while top of the range apartments sell at around R4m. The biggest demand currently is for properties under R2m, Terblanche says.

Article by: www.chaseveritt.co.za