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MBABANE – A property auction that was scheduled for last Friday attracted no bidders.

The item that was under the hammer was a house consisting of two bedrooms, a lounge, dining room and a single room cottage attached to a double garage. Its reserve price was set at E980 000. The house is located at Ngwane Park on a plot that measures 469 square metres.

The public sale, which was supposed to be at the Old Regional Administrator’s Offices in Manzini at 11:30am, was scrapped as the sheriff who was facilitating ended up seeing himself present with no bidders.

The sheriff assumed that it might be due to lack of adequate awareness on his part but assured that the next day of the auction would be publicised. The conditions of sale are available for inspection at the office of the Sheriff in the High Court building in Mbabane.

Meanwhile, on the number of rising properties being sold, economist Bhekabantu Ngcobo said this was one of the reasons that the economy was not doing well. He said those who had engaged financiers to assist them in procuring property were at times being suffocated by the constant increment of goods and services while a chunk of their revenue was being deducted for the mortgages as well. On the other hand, real estate entrepreneur, Busi Mayisela, said based on recent developments on the markets – where property is concerned – there were a number of challenges.

She said real estate was not making much given the third quarter economic performance indicators. Mayisela said many regarded this sector as a luxury and given the stringent economic conditions, many were either failing to service their mortgages or not buying any property.
“They only invest in excess of what they have and if the economy is not performing well, they ignore property,” she said.

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