The collapse of the South African property industry in 2008/2009 led to the market being flooded with repossessed property; Noordhoek had its share of these. High interest rates meant homeowners couldn’t pay mortgages and banks foreclosed all over the Western Cape.
The property market has begun to tentatively turn around, and analysts are conservatively optimistic about the future, but buyers can still find repossessed property. Noordhoek, where property is generally sought after, also has a few. Contact SAHomeBuyers for your free and non obligatory property consultation by email here or telephone us on +27 (0) 83 265 8800 to find out more
Is Repossessed Property Noordhoek a Good Investment Now?
It is hard to predict when it’s a good time to buy repossessed property that has been the result of recession. In principle, cheaper property, especially if it’s in a good area, is a good buy, because it can only increase in value. The problem is that in a recession fear spreads like wildfire. Investors get tunnel vision and can only see what’s in front of them.
They forget that any economy, or property sector within it, is cyclical. More courageous investors with long-term vision will buy repossessed property. Noordhoek had a few of those, but generally, property was quite stagnant. Now that the sector is moving again, I’m sure many investors are wishing they had made a bold move.
Market Optimism Makes Repossessed Property Noordhoek a Good Buy
There is still some repossessed property, Noordhoek, available and now is definitely a good time to buy. Noordhoek is unique for being a country village with a spectacular setting and a fine balance between rural and residential.
And whilst it’s still a buyer’s market, there is optimism about the future. This is based on last year’s figures, Western Cape mortgage criteria being eased, and statistics that show a distinct decline in emigration. There is also the fact that globally, sub-Saharan Africa is predicted to grow more than countries in other continents and South Africa is the strongest economy in Africa.
Find out more about Repossessed Property Noordhoek
Buying any property requires professional guidance from property experts who have the buyer’s interests at heart – such as buyers agents. To find out more about repossessed property, Noordhoek, contact SAHomeBuyers for your free and non obligatory property consultation by email here or telephone us on +27 (0) 83 265 8800 to find out more.
