2012 Jun 10 - Lesotho property market ready for professional agencies
an ever increasing stabilisation of the Southern African market, we are
seeing the ermergence of stronger more professional agencies throughout
the region. One of these countries in question, is the Kingdom of Lesotho, with for instance Remax now opening its new offices in Maseru.
There is a growing demand and opportunity for investors and good
agencies are going to assist tremendously in ensuring stable growth as
well as reassurance to foreign buyers.
Colin Fibiger of Property Network says that most people, including
economists do not realise the impact agencies have on the property
market and either add or detract from it depending in their levels of
professionalism and expertise.
The driving factors in Lesotho have been the fact that foreign Non-Government
Organisations, expats and diplomatic missions have fuelled the economy
in these areas. As a result, the demand for property has been on the
rise and is currently vastly outstripping supply.
Typically of emerging economies, there are many entry level homes
available, however, very few mid-level homes, which is what the majority
of the buyers in the market are looking for.
The current buyers mix in Lesotho are mid to
high-level income earners that are predominately buying as part of a
buy-to-let portfolio. This is due to the fact that high demand for
property has led to a high rate-on-return on their investment.
Fibiger also notes
that in contrast to the strict lending criteria experienced by buyers
in South Africa, finance is very readily available to buyers in Lesotho.
As such, almost all property sales in the country are exclusively
bought through bank finance.
The strong demand for property in the country has resulted in
development projects engineered by some of the private owned companies
as well as the state owned Lesotho Housing and Land Development
Corporation. Some of these developments have truly elevated Lesotho
property market to a new level, an example are projects such as Golf
View Estate, MASOWE, Happy Villa and Mpilo Estate, to mention a few.
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