Bargain ‘bloodbath’ in SA property market
|
Desperate property sellers are flooding the market, with properties being offered at knockdown prices around the country, including certain areas of Cape Town.
This property market “bloodbath” has been fuelled as cash-strapped homeowners buckle under the pressure of a global economic downturn, escalating inflation and debt levels, a tight labour market, stricter credit laws and the property slump.
There are “hundreds, if not thousands” of distressed sellers across South Africa, according to estate agents, property experts and auctioneers canvassed by the Cape Times. While there were fewer desperate sellers in Cape Town than other parts of the country, the city was awash with bargains in densely developed areas where there were a surplus of properties for sale.
The areas include Tableview, Parklands and Muizenberg.
However, other areas such as the Atlantic Seaboard have bucked the trend and are reporting thriving sales figures.
