Movement in the Jeffreys Bay property market

There has been a surprising amount of movement in the Jeffreys Bay property market since December 09.

Property agents have reported that some properties have fetched top prices but there are a lot of distressed sales taking place with sellers needed to unload their properties to avoid having them repossessed by the banks.

Waterfront properties at Marina Martinique, Jeffreys Bay, South Africa are still fetching top prices despite the downturn in the property market

Buyers who know what they want and are prepared to pay for quality are in the market.  A north facing waterfront stand on Marina Martinique recently sold for just under R 1 000 000, which represents a good price. At the opposite end of the spectrum a stand with a canal view is on the market for only R 189 000.

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According to Nick Melck, an estate agent who specializes on Marina Martinique property, some good deals are available and buyers with cash have done well, picking up development sites on auction as well as stands. However, he said that people were still battling and every week his estate agency, Insight Properties were picking up distressed sales.

Sales have been good over the past two months concluded Melck and there is currently more movement in the property market in Jeffreys bay than what occurred towards the end of 2009.

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