Yes it is true property prices are dropping.
According to FNB the prices of properties are 10 % lower than a year ago. The strict bank requirements and the overflow of properties in the market due the financial problems and people emigrating are forcing the prices down.
On the positive side you can still sell your property. There are many cash buyers around looking for property and they are serious buyers.
But remember they are looking for bargains and in todayâ€™s market a bargain means a property priced right.
During the fat years properties were marketed for unrealistic prices and were sold well above the real market value.
This is also true for Simon’s Town Real Estate. And more so because Simon’s Town is dominantly a second home market. Simon’s Town properties for sale and other coastal properties will be affected until 2010.ala, deed of sale, rent to buy