Hi, I have been looking to invest into propertry for some time and I have come accross various land plots for sale along the coast. While they are relatively cheap, the are classified Zoned Rural 1(a) Non-Urban, which means I cannot build on them. I understand Government have reclassified land before, and maybe several years into the future they may be reclassified and be able to be built upon. There are already some houses in the area, so I am hopeful that in the future it will be possible to build. I was wondering if anyone has had any experience with such property? Regards, kwakker
Hi Kwakker Landbanking is a risky strategy and you need to have a sufficiently good cashflow to enable you to hold the property during the waiting process. It can pay off, but in the meantime consider that your finances are tied up and they could have been possibly better employed elsewhere. I'd be talking more to the council town planner if I were you- big difference if its 3 yrs or 30! Best of luck.
