Property prices 'not likely' to be affected by land expropriation in WC
Economist Erwin Rode says it is unlikely the proposed amendment will negatively affect the property prices.
CAPE TOWN - Estate agents in the Western Cape have expressed doubts about whether property prices will be affected by the proposed changes of section 25 of the Constitution.
This comes in the wake of reports that some farm owners in the province are putting their farms on the market, due to uncertainty over the proposed constitutional amendment to expropriate land without compensation.
Eyewitness News spoke to estate agent Maggie Smith who says farmers are opting to move to town where they feel it’s safer.
“I think there's a little bit of a panic with farmers in the area.”
Meanwhile economist, Erwin Rode says it is unlikely the proposed amendment will negatively affect the property prices.
“I don’t think the perception out there is that the Western Cape has a problem. We may be wrong, but we’re talking about perceptions. I don’t think prices will be affected, despite by the drought.”
(Edited by Shimoney Regter)