According to Seeff’s managing director in Sandton, Charles Vining, Foreign property buyers are showing an increased interest in Sandton property. While luxury properties were more popular in the past, recent sales data reveals that buyers from both Central and West Africa are moving into properties priced between R2.5 million and R5 million.
Family homes in Sandton are popular amongst foreign nationals for a number of reasons:
- Properties are fairly large to accommodate an established family
- Sandton properties are conveniently located close to top schools
- Properties are often located within gated communities, providing safety features
- The properties are in close proximity to the city centre and public transport systems.
“The majority of homes here are suitable for families and hold their values well, so it doubles as a good investment”, says Vining. Able to offer affordable prices for decent sized family homes in a well-established, central suburb, Sandton is not surprisingly a popular investment for foreign nationals moving to Gauteng.
But Sandton is not only popular amongst those immigrating from other parts of Africa, reveals Vining. European and American nationals have also expressed interest and bought property in the suburb, as they move to the province for work related matters.
Currently Johannesburg is home to the highest number of US dollar millionaires in the country, a total of 17,600 out of 40,400. As Sandton remains the financial hub of South Africa, foreign nationals with business interests in the country will no doubt continue to move into Sandton and Johannesburg in general, to settle with their families.
