Foreigners are investing in real estate in South Africa, should you?
29 March 2021
Despite the economic difficulties brought about by the COVID-19 pandemic, the property market in South Africa is making a strong comeback. The oversupply of housing has resulted in a buyer's market, driving a renewed demand for properties.
The latest real estate statistics reveal that there has been an increase in foreigners investing in property across South Africa. The favourable exchange rates, low-interest rates and local banks providing financial assistance to foreigners make it a perfect environment to buy. From million-dollar villas in Cape Town to luxury mansions in Johannesburg, foreigners are taking advantage of this ideal investment opportunity.
Foreign property demand is predominately concentrated in the most sought-after residential suburbs in northern Johannesburg (such a Northcliff, Parkhurst, Sandton, Lonehill, Bryanston and Randburg) and in Pretoria. In these neighbourhoods, you'll find varied property types and a broad price range, leaving you spoilt for choice. Choose from clusters, luxury three-bedroom apartments and free-standing homes in lifestyle estates, among others. Moreover, these areas are conveniently located near public and private schools, restaurants, shopping centres, and good hospitals.
Buying property shouldn't leave you with sleepless nights. The best way to find the right property that fits your budget, preference or property portfolio is to get the help of a local expert real estate agent. They will not only help you complete the confusing paperwork and find you the best deal, but their insider's knowledge means you have access to unadvertised homes. Real estate agents can also answer all your questions about a particular neighbourhood, such as noise levels, quality of the schools and house prices in the area.
In short, with the decline in housing price and low mortgage rates, buying property in Gauteng is an excellent investment at present for those with a medium to long-term view.
Monica Munoz, KW Associate in association with The Diplomatic Society
Keller Williams Realty Clockwork
Contact +27(79) 872 3319