Buy hugely discounted properties (up to 70% off) on auction right now
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.
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.
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