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Margate prices

12 Sep 2006

As far as the local property market is concerned, Mastenbroek says prices are bottoming out after the frenetic growth of the past two years. "This means that there are now excellent opportunities for investors. Sellers are more willing to negotiate on price and discounts of between 10 and 20 percent are nor uncommon.

"We even had a case recently where the owner dropped his price by a whopping 50 percent because he was transferred and had to sell in a hurry," he says.

Prices for property on the Margate beachfront now start at around R1m, which will buy a small holiday flat. Prices of inland homes start at around R700k and most properties trade in the R700k to R1,5m range.

Properties costing more than R1,5m are more difficult to sell at this stage as buyer resistance kicks in at this level, Mastenbroek says.

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