Foreigners still want property in SA
Just because you may be a little nervous to secure property for sale in Soweto right now, it doesn’t mean foreigners feel the same. In fact, despite tough financial and political circumstances at present, foreign interest in SA residential property is growing.
Securing property for sale in Soweto might not be at the top of your to-do list at present, with the technical recession and a number of other price increases starting to impact on your spend.
Despite this, foreign interest remains strong in South African property, and this could seem confusing to some, especially when being exposed to a range of financial and political concerns on a daily basis.
Holiday season is fast approaching though, and during this time there are thousands of people who land in the country eager to see what is on offer, and some even seek out potential second homes that they can use during future visits.
Explaining why this is the case, Gerhard Kotze, the MD of RealNet, said,“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.”
These comments are complemented by data from Lightstone, who keep track of happenings within the property market. Recent information revealed that when looking over the last year, from January 2017 to January 2018, there was a 42% increase in foreign owned property across South Africa.
This is a significant jump, and Kotze expects this trend to continue going forward, especially given recent foreign investments secured by the government – as this could lead to further business interest from foreign companies.
Gauteng proved the most popular destination in this time, with almost half of the transactions happening in the province. The Western Cape was another popular destination, with over 30% of transactions taking place there.
