select
|

Rarefied Belfast air reels in investors

Belfast in Mpumalanga's trout belt is no longer only a preferred destination for flyfishermen  but is also reeling in investors who anticipate a bright future for the town.

Interest in undeveloped stands, especially, started picking up a year ago, explains Francois de Villiers, owner of the RealNet franchise for Belfast and surrounds, but has accelerated recently thanks to the announcement that a new high-altitude training centre for athletes at the Belfast dam will go ahead.

The R400m project is an initiative of the Mpumalanga government and is expected to draw local and overseas athletes who elect to train at high altitude for international events.

Investors expect that demand for rental accommodation will spike once the facility opens and are buying undeveloped stands with a view to building suitable units, says De Villiers.

And stands are very attractively priced at the moment, he adds. Prices have dropped dramatically since the recession and “burger erven” of 2855sqm are now available at prices of between R150 000 and R250 000, depending on location and municipal services. This contrasts sharply with prices that started at around R250 000 before the recession hit.

De Villiers says local building costs vary between R4500/sqm for basic structures and R5000 to R8000/sqm for luxury homes. Municipal rates vary between about R100 and R300 a month.

Current buyers are mainly investors from Gauteng who have spare cash for the 40% deposit that banks require before financing undeveloped land, or investors who can buy stands outright for cash. Some new residents in town are, however, also starting to invest in stands.

De Villiers adds that some investors also expect a growth spurt for the town thanks to the proposed expansion of local coal mines, which would boost employment, and consequently the demand for housing.

He underwrites this view and predicts that Belfast may indeed become a second Middelburg as far as industrial development is concerned.

"Concerns that mining activities might adversely affect the town's leisure and tourism sectors are probably misplaced since any expansion is limited to outlying areas because of sensitive and protected wetlands around the town," he says.

The wetlands, many of which feature typical Highveld fauna and flora, remain a tourist attraction, while the many fishing spots and lodges and other establishments catering for flyfishermen remain popular among enthusiasts from Gauteng, who can reach the town within two hours for a convenient weekend getaway.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 22 Jun 2018
      The rental market in many Johannesburg suburbs has shown encouraging signs of revival this year but it remains a competitive market and landlords who best cater to their market’s needs will reap the healthiest returns.
    • 22 Jun 2018
      Home design is constantly evolving to reflect the changing needs of society. We look at some of the ways in which our use of space is changing.
    • 22 Jun 2018
      While estate agents can help the seller with correctly pricing the property and marketing a property to the right pool of potential buyers, at the end of the day it’s the impression that the property will make on buyers that counts the most.
    • 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.
        
    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