Nestled within the Maloti Mountains, Clarens is a picturesque town in the Free State province of South Africa, often dubbed as the "Jewel of Eastern Free State". Enveloped by awe-inspiring views, natural phenomenon like canyons and sandstone cliffs, and a tranquil ambience, Clarens carries an old world charm that fascinates everyone who visits. This captivating history coupled with breath-taking landscapes make Clarens one of the most sought-after places to reside. Home to a myriad of historical sights, the town boasts impressive artistic heritage with an array of art galleries and exhibitions.
Current state: Clarens' exclusive property market
The current exclusive property market in Clarens is quite stable, characterized by a consistent demand for luxury homes and apartments. Despite the high demand, the supply is comparable, keeping the property market vibrant.
Political and Economic Stability
Clarens boasts a peaceful, stable political environment. Economically, it thrives on tourism and real estate, demonstrating consistent resilience.
Average Real Estate Commissions and Additional Costs
The average real estate commission for buyers and sellers in Clarens varies, however, it is typically around 5% to 7%. Potential homeowners need to consider additional costs such as transfer tax, realtor commissions, notary fees, and possible construction inspection or legal costs. The exact value depends on the property's value but it is recommended to reserve around 8-10% of the property value for such additional costs.
Tax Framework
The transfer tax on private property in Clarens is about 8%. The wealth tax on the private ownership of a house in Clarens is relatively low, about 0.25% of the net asset value. Taxes on capital gains from selling a private property that is used either as a main residence or a second home depends on the holding period and individual's tax slab. Corporate tax for registered companies stands at 28%. Income tax brackets range from 18% to 45% depending on the income level.
Mortgage Requirements
Typically, banks in Clarens offer a mortgage of up to 80-90% of the property's purchase price. Income requirements, credit score, and financial stability play a crucial role in obtaining a mortgage.
Residential Areas and Accessibility
Most expensive and sought-after residential areas in Clarens include areas surrounding the Titanic Rock, Clarens Golf Estate and surrounding the Clarens Village Conservancy. Clarens is easily accessible by road. The nearest significant city is Bloemfontein, located about 300 km away.
Schools, Universities, Hospitals, and Amenities
Clarens is home to several reputable schools, and the University of the Free State is within commuting distance. Health facilities are top-notch with a variety of hospitals and clinics nearby such as Dihlabeng Regional Hospital and Bethlehem Medi-Clinic.
Environment and Climate
Set in the heart of South Africa’s striking landscape, Clarens is blessed with a mild climate, and offers an array of outdoor activities including golfing, horse riding, and hiking trails.
Luxury Lifestyle and Entertainment
Clarens offers a vibrant lifestyle with a range of luxury shops and high-quality restaurants. Famed hotels include the Protea Hotel and Mont d'Or. Clarens Brewery is a hub for nightlife and entertainment. Annual events such as Clarens Craft Beer Festival and Lush Festival are much-awaited cultural occurrences.
Culture and Infrastructure
Art and culture thrive in Clarens, home to several renowned art galleries, the most famous being the Artists Café and Gallery. The town’s infrastructure is robust with well-maintained roads, reliable public transport, efficient public services, and a range of recreational amenities that make it a preferred destination for luxury living.
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