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'
EXTRACT
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.
The luxury home market seems most shaken by “political noise” about expropriation without compensation, property experts say. This intensified after President Cyril Ramaphosa announced on Tuesday that the ANC had decided to change the Constitution to allow for expropriation. 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. Sharing this sentiment is Louis Barbosa of Harcouts Rhin...
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