More South Africans living and working in the UK are buying property in South Africa, with a view to return home. The positive media coverage of SA and
the local property boom are among the reasons for the trend.
Pam Golding Properties' office London says about
a quarter of all inquiries for South African homes come from expatriates
wanting to invest in property back home.
Some 50% of Pam Golding Properties'
expat buyers plan to return to SA in the next year or two, says CEO Andrew
Golding.
The other half want to acquire a
property as an investment for when they return home in the future.
"Since the start of 2005 South Africa has received a great deal of good
press in the UK
media," Golding said. "Most 'holiday and homes abroad' magazines have
included extensive editorials on the property market in South Africa."
Jawitz Properties MD Herschel Jawitz
told Business Day that his group was "definitely seeing" an
increasing number of expats both asking about and buying property in SA.
SA's leading mortgage originator,
Mortgage SA, says it has seen a marked rise in South Africans who live abroad
applying for home financing through its website and call centres.
"With the many excellent property
websites showcasing South African property, increasing numbers of expats are
comfortable buying property this way, then coming to us for financing,"
Mortgage SA MD Saul Geffen told Business Day.
Mary-Jane Lefevre of the website Escape
Artist says South Africa is at an exciting stage of development, with
confidence in the country running high both among citizens and in the
international community - and SA property is seen as an excellent investment.
Reasons for this, according to Lefevre,
include personal tax relief, lower property transfer duties, growth in
household disposable income, low inflation and interest rates, strong domestic
demand for housing, a rapidly growing middle class in previously disadvantaged
communities, and continuing foreign demand.
(Source: SouthAfrica.info / August
2005)
Are you interested in buying property in Cape Town and South Africa? Are you curious in what is involved? Read our 'You Asked Us' section on real estate and purchasing property in South Africa.
