SA property still appealing to foreign buyers
There has been some nervous tension in the property market in South Africa this year, but if you have been struggling to offload your property for sale in Standerton, foreign buyers may still show interest. Across the country, foreign property purchases have continued to increase.
Average South Africans have been a little nervous in the property market this year, making it difficult to sell your property for sale in Standerton, but if you are looking to tap into the international market, you may be in luck.
Living in South Africa exposes you to a range of issues which could influence the way you think about things. The financial strain due to the technical recession, rising living costs and even the land reform discussion has all created caution amongst locals.
However, Christmas time will be upon us shortly and during the holidays, thousands of foreigners land in the country to soak up the sun and check out all that is on offer. Some will even browse property options in the hopes of securing a second home.
Gerhard Kotze, the MD of RealNet, discusses the situation a little further, adding, “This migration may be difficult for us to understand, given our local considerations about the economy, corruption and crime, but one just needs to consider the property value for money that is available in SA to appreciate the international interest in owning a second home here.”
It is not an assumption though,he is backed up by data from Lightstone, which is a renowned data collection company that works within the property and automotive market in South Africa. They showcased that January 2018 saw a 42% percent increase on foreign owned property in South Africa, when looking back at January 2017.
This was a large bump, and this trend is expected to continue in future, with recent foreign investments secured by the government being likely to attract even more foreign companies as well as entrepreneurs.
In terms of transactions in that period, Gauteng proved to be the dominant province with 47% of transactions taking place there, while the Western Cape also attracted a large amount of transactions, with 36% of transactions happening in the coastal province.
