BELINDA PHETO: How the land expropriation drive has shaken the property market
'Usually sales are due to people upgrading, downgrading or moving to a new area, but recently people were selling their houses because they were emigrating'
Selling upmarket properties has been a challenge for estate agents since December, said Cape Town-based property expert Toni Enderli. He said the land issue has negatively affected the property business over the past few months.
Enderli said the debate around land redistribution has left a lot of investors worried and hesitant, leading to a decline in the sale of properties in the top-end market of properties above R5-million.
However, he said there is not much change in the first-time-buyer market of properties under R1.5m.
Enderli felt the land issue had not been approached well, and a lot of comments loosely uttered have scared off potential investors.