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Foreign buyers active in Midrand

Buyers from Zimbabwe, Mozambique and the Democratic Republic of the Congo are currently very active in the Midrand property market, with many of those who are employed on long contracts by companies in the area now preferring to buy rather than rent a home close by.


This Tuscan style three-bedroom home in a Midrand estate was recently sold by RealNet. It has many luxury features such as a spa bath, walk-in-closet off the main bedroom, a pressure shower, underfloor heating, automated garage doors and landscaped garden.
 
Emma Ledwaba, principal of the RealNet Midrand South franchise, says these foreign buyers prefer homes in secure complexes or estates, and will generally pay up to around R1,5m.
 
Meanwhile freehold homes on larger stands and priced between R1m and R1,5m are currently popular among local buyers with young families, while newly-employed young buyers are targeting apartments priced at R400 000 to R550 000 and townhouses priced at up to R850 000 in order to live close to work and cut their transport costs.
 
“And all this activity is keeping the local market buzzing, even though many young buyers are still struggling to get bonds. Prices are also holding steady thanks to the fact that supply is still lagging behind demand here.”
 
She says there is also increasing demand from buy-to-let investors in this area, especially at the lower end of the market, because of the of the high  - and rising – number of people who want to live close to their workplaces and all the other amenities on offer, but cannot yet afford a home of their own.
 
“In Midrand, investors who buy entry-level flats and townhouses can confidently expect to cover their bond repayments from rental income, which it a very attractive proposition in the short-term as well as in the long term thanks to expected capital growth in the value of units.”
 
Ledwaba says it is encouraging that there are some affordable new developments starting to come on to the local market, as it indicates further confidence in the area’s long-term prospects – “and there is really keen interest in these units among both investors and young buyers.”


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