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
Characters remaining

    Latest Property News
    • 21 Jun 2018
      Anyone who’s ever been involved in a building project that’s gone wrong will appreciate the importance of adequate insurance cover in the construction industry.
    • 21 Jun 2018
      A recent news story about a blind tenant caught in a legal battle with his body corporate over letters and notices he was unable to read and consequently comply with has raised the question: what are the legal obligations for landlords with disabled tenants?
    • 21 Jun 2018
      A trend that’s taken the world by storm in recent years is that of hygge (pronounced: hue-guh), a Danish concept that is about creating intimacy, connecting with loved ones and taking pleasure in small, ordinary things.
    • 20 Jun 2018
      Buying or selling real estate isn’t as easy as it is portrayed sometimes, especially if there is a death of a party during the transaction which can make it awkward, tricky and inconvenient.
    • 20 Jun 2018
      With interest rates remaining at historic lows and banks continuing to compete for mortgage finance business, first-time buyers with funds at their disposal are currently well-placed to gain that initial foothold on the property ladder, particularly in the light of the slightly lower growth rates currently experienced in residential property values.
    • 20 Jun 2018
      The average size of bond granted in SA has grown 7,7% in the past 12 months to R934 000, according to BetterBond, the country’s biggest bond originator.
    • 19 Jun 2018
      In the current market, letting out a property can be a good option as rental demand remains strong, especially in the northern suburbs of Johannesburg. This is according to Chris Renecle, MD of Renprop. However he says that before homeowners let their property out, there are five key points they should make sure are covered before they market the property for rent and sign any lease agreements.
    • 19 Jun 2018
      The Capetonian dream is to live by the ocean with the iconic mountain making an appearance somewhere in the horizon. But, that dream comes with a hefty price tag that many simply cannot afford. But, should you venture some kilometres out of the city centre, entirely new realms of beachside bliss await you …
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us