The increase in the number of bogus property practitioners in South African townships is affecting the viability of the property market in some areas.
Mike Mafoko from Mzantsi Properties says bogus real estates often target desperate people who are willing to buy houses cash. He warns property buyers in townships to deal only with real estates registered with the Estate Agency Affairs Board.
“We find out that they are not registered with the Estate Affairs Board and they come out as people who want to help. Normally, they would tell you they want to buy your property for cash they can buy it in any condition. They also target cash buyers, people who are desperate; people who are looking for cheap properties. For example, they target people who range from R100 000 to R500 000 because they know those people have cash in their pockets.”
Property industry amid COVID-19
The coronavirus pandemic has interrupted plans for some to buy a new home, while others who didn’t expect to be in the market for a new home, are now moving because they’ve lost jobs or need to cut down on their budget.
The question remains: Is now the best time to buy a property? A look into the property industry with Zakhele Myeza:
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