About 20% of all foreign buyers of residential property in South Africa are now from the rest of Africa, according to a report by FNB.
About 20% of all foreign buyers of residential property in South Africa are now from the rest of Africa, according to a report by FNB.
This is up from 16% in 2013. Most of them buy in Johannesburg, according to Lightstone data.
Dr Andrew Golding, chief executive of the Pam Golding Property Group (PGP), says the group’s sales to foreign buyers in general is just below 3.5% of the total sales by the group.
The top countries from which PGP’s foreign property buyers come are the UK, Germany, Botswana, Portugal, Zimbabwe, the US, Belgium, Switzerland, China, the Netherlands, the UAE and France.
According to Golding, these buyers tend to purchase property across all price bands, but particularly between approximately R2m and R5m.
They also tend to seek convenient, lock-up-and-go homes such as apartments in secure complexes, as well as homes within secure estates.
Luxury Market
According to the 2018 Africa Wealth Report, Johannesburg, Cape Town, Durban and Pretoria are all included in the top 10 wealthiest cities on the continent.
It found that prime residential property remains a popular asset class for Africa’s affluent investors, especially luxury apartments, residential estates and beachfront villas.
According to the report, SA’s cities dominate the list of the most expensive cities for prime residential property in Africa, starting with Cape Town (Bantry Bay and Clifton), followed by Durban (Umhlanga) and Johannesburg (Central Sandton).
In the luxury market in general, Golding says Cape Town is still the top performing property market and the second fastest-growing luxury residential property market globally.
©fin24
