select
|

Rentals soar as Bela Bela home shortage grows

Lack of new residential development in Bela Bela for the past four years has boosted the demand for rental homes in the Limpopo resort town.

Annelie Botha, owner of the local Aida franchise, reports that homes for sale are in short supply and that many prospective buyers thus have little choice but to rent accommodation.

Bela Bela experienced a flurry of upmarket lifestyle estate development on nearby nature reserves during the boom years. But, says Botha, there is currently little demand in this sector of the market since the stream of buyers who were buying luxury homes as weekend and holiday accommodation has dried up.

There is, however, a dire need for affordable accommodation that has not been addressed with new development because of the recession and subsequent tough economic times. “And as a result, rentals have escalated sharply, with modest one-bedroom flats in old blocks now commanding rentals of R2000 a month and more.”

Rents for two-bedroom flats or townhouses, she says, start at R3800 a month, while rentals for two-bedroom full title homes in security complexes start at R5000 a month. Older homes in the inner town areas with two or three bedrooms are fetching rentals of between R6000 and R9000 a month.

At the same time, Botha says, those homes that are for sale are relatively expensive because of the strong demand, with smaller and older properties in the R450 000 to R750 000 price range being targeted by first-time buyers and retirees.

Most first-time buyers in the town are office workers at Eskom's local branch or at the local municipality and earn between R15 000 and R18 000 a month.

Meanwhile, although demand for properties in the local leisure market is currently depressed, Botha says that the estate homes remain good long-term investments because Bela Bela has lost none of its appeal as a tourism centre. Homes in lifestyle estates around the town offer state-of-the-art luxury and many are built on three levels, offering unimpeded bushveld views. Prices vary from R2m to R6m.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 20 Nov 2017
      Since 2012, sectional title complexes have been leading the South African property market, not only in terms of price growth, but sales volumes as well. Remaining relatively strong, even in the face of 2017’s political and economic turmoil, experts say this market segment could offer valuable insight into South Africans’ property purchase priorities.
    • 20 Nov 2017
      Regardless of whether you are purchasing your first start-up home, downsizing or moving in with roommates, finding ways to maximise small spaces can be a big advantage, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 20 Nov 2017
      Property valued at approximately R1 billion is on High Street Auctions’ sales floor during the month of November, including the much-anticipated sale of the Tshwane Mayoral Residence and the land occupied by one of South Africa’s oldest operating gold mines.
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
    • 17 Nov 2017
      The EAAB (the Estate Agency Affairs Board) recently claimed that around 50,000 illegal estate agents could currently be operating illegally.
    • 16 Nov 2017
      Penthouses are synonymous with New York – characterised by high-rise living that is decidedly luxurious and spacious. While exclusivity comes at a price, you can still create a “penthouse” look and feel in your existing apartment or even the upstairs bedroom of a double storey house with some clever design changes and styling touches.
    • 16 Nov 2017
      The area has long been popular with kite surfers and, with escalating property prices in Cape Town itself, is increasingly in demand with home owners who work in town, but are looking to invest in more affordable properties.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK