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Development boosts Klerksdorp property

13 Mar 2014

The Klerksdorp residential property market is showing sure signs of resurgence with extensive commercial development currently taking place in the North West town.

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The Matlosana Mall, which is due to open by the end of the year, will soon offer local residents as well as shoppers from surrounding towns such as Lichtenburg, Wolmaranstad and Bothaville the convenience of comprehensive one-stop shopping.

This is according to Adèl Krügel, owner of local agency Harcourts Excellence, who says at the same time, the building of the mall has created job opportunities, swelling the number of people looking for homes to rent. There is a definite increase of interest and enquiries from investors in the buy-to-let market, as residential properties are in high demand, she says.

Stock shortages are common and although the market started favouring sellers in the third quarter of last year, many residents who want to upgrade are holding on to existing properties because of the lack of properties available for sale, she says.

“Developers are showing interest once again and a number of complexes and units are currently being built and works in progress are being revived. There have also been more enquiries lately for land suitable for development.”

Krügel says stock shortages have also stimulated rental demand and caused renewed interest among buy-to-let investors, who target units in the affordable price ranges. Highest demand is in the more affordable market ranging between R2 000 and R5 500 a month.

Klerksdorp offers a variety of properties to suit different needs. Family home prices in the KOSH area (which includes Klerksdorp, Orkney, Stilfontein and Hartbeesfontein) range between R350 000 and R2.5 million depending on size and location, while luxury properties are also available ranging from R2 million to around R3.5 million.

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