RESIDENTIAL PLOTS OUT-SELL HOUSES OVER THE LAST TWO YEARS

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Local estate agents state that residential plots ranging from E350 000- E450 000 in the Mbabane- Manzini corridor have received higher demand compared to houses over the past two years.

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By Ntokozo Nkambule

RE/MAX Real Estate Specialists Eswatini and Ekhaya Properties have disclosed that there has been more residential activity taking place in plots compared to houses in the country over the past two years.

RE/MAX Real Estate Specialists Sales Team Leader, Ellroy Johnston in a conversation with this publication noted that as a company they have sold more plots than houses in the residential space over the past two years. He revealed that these are residential plots in the Mbabane- Manzini corridor. “There is a higher demand for plots in the E350 000- E450 000 price range. We also do get plot sales up to the E650, 000 price range” he observed.

The experienced real estate agent further revealed that most people purchasing the plots sit on them for a while and fewer people quickly develop them. When asked if most people sit on the plots because of lack of funding, Johnston said there may be a number of reasons behind why people sit on a plot, such as anticipated price appreciation or lack of funding, as everything boils down to the rationale behind the sale.

Ekhaya Properties’ Sales Administrator Chantel Coster concurs with Johnston that there is a lot of activity in plots compared to houses. “We get a number of inquiries for plots, particularly in the E350 000- E450 000 plot range, but unfortunately in most cases, we do not have stock” she posited. Chantel however, noted that Ekhaya Properties have experienced activity in houses below E1.5 million, as well as rental or investment properties which have interest in the E1.6 million price range.

In terms of what could cause plots to sell more than houses, the Sales Leader from REMAX Real Estate Specialists Eswatini conceded that it could be caused by a price issue and preference, as people want to design their own houses or homes. He added that houses in the market can take as much as six months to be sold yet plots are sold in a shorter period.

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