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Faerie Glen - popular with local migrants

The City of Tshwane; and specifically the Pretoria East suburbs of Faerie Glen, Garsfontein and Moreleta Park are some of the most favoured areas with local migrants from other provinces, according to a recent report by property research firm Lightstone.

 

This comes as no surprise to Faerie Glen residents explains Elmarie Bester, Principal of Leapfrog Property Group, Faerie Glen; ”Over the years it’s become clear that many residents prefer to scale up or down within the area as it offers great property value, is centrally located and provides access to excellent schools and hospitals”.
 
This ever popular suburb caters for every age group - which can be seen in the sales stats as well – Property 24 reveals that buyers from every age group invest in the area, although the 18-35 and 36-49 age groups comprise the bulk of recent buyers. According to Lightstone the residential property breakdown comprises of around 60.45% sectional title homes, 22,57% free standing, 4,28% sectional title properties in estates and 12,71% freehold homes within estates.
 
Currently, the R1.5 to R2.5 million price bracket that is doing well, even though Faerie is seen traditionally as a high end area with expensive properties, it appears to be the sectional title duets and townhouses that are selling best.
 
Estates Are Sought After

In contrast to most residential areas in South Africa, prices have increased significantly in Faerie Glen and this includes full title homes as well as sectional title properties. “We’re finding that properties inside residential estates have escalated the most; along with a higher demand for security.  There is a marked difference between similar houses in estates as opposed to those that are not”, says Bester, “This can also be seen in the amount of new developments in the Olympus and Boardwalk areas. Buyers in these estates are mostly young professionals between 30 & 45 years old”.

Bester explains that there is a wide range of buyers, but that the majority are young families looking to upscale or looking to move into secure residential estates. However, there are also a number of first time buyers purchasing sectional title lock-up and go townhouses too. 
 
The older Faerie Glen comprises of large family homes, which buyers tend to purchase with the aim of renovating, but there are numerous sectional title townhouse complexes available as well. Bester finds that the duet houses; properties on a stand of between 400-500 m2 are increasingly popular as more and more sectional title complexes don’t allow pets.


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