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Buy hugely discounted properties (up to 70% off) on auction right now
RELATED: (PICS) Clifton flat goes on sale for R170 million
An unprecedented number of distressed properties will go on auction in the coming few months as the economic recovery buckles under the pressure of a spiralling second wave of Covid-19.
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Renting vs buying property – it’s an interesting calculation right now
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Right now, some properties on auction are going for discounts of up to 70%, according to Business Insider South Africa, while buyers can expect an average markdown of 42%.
RELATED: We watched 33 distressed properties auctioned in Gauteng and saw an average 42% discount – Business Insider South Africa
The Money Show’s Bruce Whitfield interviewed Francois Viruly, a property economist at the University of Cape Town (UCT).
We’re starting to see discounts…
Francois Viruly, property economist - University of Cape Town
We’re probably looking at a difference of between 11% to 12%... But there is enormous variation…
Francois Viruly, property economist - University of Cape Town
At the lower end, prices are increasing while at the top-end it’s the opposite…
Francois Viruly, property economist - University of Cape Town
Small businesses have come under pressure and need to sell just to remain afloat…
Francois Viruly, property economist - University of Cape Town
Private cemetery business… significant growth… your tenants are fairly quiet… Yes, it is a business! … We do have them in South Africa… Returns are actually very good!
Francois Viruly, property economist - University of Cape Town
Listen to the interview in the audio below.
This article first appeared on CapeTalk : Buy hugely discounted properties (up to 70% off) on auction right now
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