It seems to me that the property sales market in Mpumalanga is in the toilet, but you don’t see it reflected in the asking prices. It makes me wonder if some estate agents are unaware of the depression in the market. As I understand it Property sales in Mpumalanga are at a real time low down 40% from a high 2 years ago.
Two years ago the average turnover of properties in Nelspruit Mpumalanga averaged property sales of 100 million a month, Someone suggested it was below 60 million at present. That is still a shedload of property being sold in Nelspruit.
I was speaking to a friend today and he alledged that an Estate Agent he knows has 142 properties on his books including 30 empty houses which cannot be sold or rented out. I know of a house that has been advertised for at least 3 months for rental, it remains empty because the owner cannot (or will not?) reduce the rental she wants.
It seems to me that to many property sellers are not thinking about the fact that if your house stands empty for 3 months, you would have been better off dropping your price by 20%. Do the math, It never lies.
Tags: Mpumalanga, Nelspruit, Property for Sale