Door still open for foreign property investors

The door is still open for foreign investors who are looking to find property for sale in Mpumalanga, despite the potential bill that would ban foreign ownership of agricultural land.

The Global Property Guide revealed that this ban will not apply to residential properties, which comes as good news to potential investors – especially considering the favourable conditions at present. Foreign investment in property actually boosts our local property market, and in 2014 alone South Africa received R9.7 billion worth of foreign investment.

There are many attractions when it comes to property in South Africa, and for foreigners there is the added bonus of the depreciation of the rand, which has seen the likes of the US dollar, British Pound and the Euro all grow in value compared to the rand.

Currently, only around 7% of land in South Africa is owned by foreign investors, with a large portion of investors being based in Europe. However, the strong infrastructure and systems in place have also attracted a number of African buyers from the likes of Mozambique, Angola, Nigeria and Cameroon.

One of the major attractions for foreign investors is the fact that South Africa has a fairly sound economy and an ethical legal system in place. This provides peace of mind for investors who know that their investments will be protected.

For those who are selling to foreign buyers, be sure that they are working through a reputable estate agency that has a track record of selling globally. Foreigners can purchase and own immovable property in South Africa without restriction. Non-nationals are subject to the same laws as nationals.

The only ineligible people are illegal aliens who are not allowed to own immovable property in South Africa.