01 Mar 2013
With its beaches and the warm Indian Ocean, Margate attracts holidaymakers with the busiest periods during school and public holidays. The region is known to be an excellent dive spot with tropical fish, coral reefs and deep underwater caves while other water activities that are popular are boardsailing, canoeing and skiing.
For those who would prefer to keep their feet dry, they can enjoy a day at the Margate Country Club. The club is 3 kilometres from the sea, situated on higher land and has stunning scenery with tall trees.
Margate acts as the economic nucleus for a large section of the coastline that is predominately made up of holiday accommodation and tourist-related establishments.
Adrian Goslett, CEO of RE/MAX of Southern Africa, says that sectional title units are the most popular type of property, having consistently outsold freestanding homes by two to one since pre-2004. He says this is remarkable considering the market stock of property in Margate is split equally between freestanding homes and sectional title units.
Goslett says due to the fact that sectional title units are in high demand, their average selling price of R584 000 in 2013 is more than that of a freestanding homes' average selling price of R574 000. The data reflects that while the average price of a freestanding home hasn't grown much since 2007, the average price of a sectional title unit has grown dramatically from the R266 000 seen in 2007.
According to Lightstone, approximately 37 percent of the recent buyers are aged between 36 and 49 years, while 34 percent are between 50 and 64 years old. Younger buyers have also made their mark on the market and account for about 21 percent of recent activity. The largest percentage of existing property owners are those from the 50 to 64 age demographic, who also account for the largest percentage of recent sellers.
Goslett says that the greatest demand is for property that is priced below R400 000. Approximately 46 percent of all property sold during 2012 fell into this price bracket. Around 35 percent of all properties were sold for between R400 000 and R800 000, while 15.2 percent were priced from R800 000 to R1.5 million. Only 4.8 percent of residential property was sold for more than R1.5 million.
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