Changing environment in real estate business

After experiencing a less active summer than usual in certain segments of the real estate market, Belair Real Estate reports an increase in other segments in its magazine that will be distributed free with The Sunday Times tomorrow.

The foreign market, in particular, has been hit hard from all angles, starting with the unsettled eurozone economies and the endangered euro.The estate agent says that despite a lot of pressure on the government from operators in the sector to keep the attractiveness of the permanent residency scheme, the new high net worth individuals scheme was launched in September. It says this was a measure which already “started to show negative effects”, especially on certain markets like Sweden and South Africa that were highly popular until recently. On a more positive note, the first-time buyer market seems to have stabilised, Belair Real Estate reports, with developers in certain areas “offering some excellent properties at very competitive prices”.

Positive activity was also reported in the second-buyer market, particularly with those looking to move from their first home to a larger house with outdoor space.

Attractive price corrections in this segment have fuelled this activity, enabling buyers to buy much more home for their money, than was possible before, the agency says.

Belair Real Estate magazine is designed by Mediamaker Ltd and printed by Progress Press Ltd, both member of the Allied Group of Companies.