PROPERTY NEWS

2012 Jun 10 - Lesotho property market ready for professional agencies                                                           Port Elizabeth Property First Article
In 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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