Thursday 23 November 2017

Buying property in South Africa

Quoting local real estate agents in Cape Town, the New York Times reports the market in the affluent beachfront suburbs like Camps Bay and nearby Clifton has improved increasingly over the past 12 months.

Buying property in South Africa

A 4-bedroom, 4-bathroom house in Constantia for sale with Greef Properties at 10,900,000 Rand or US$1.085 million

November 1, 2013

Pricewise, Cape Town real estate is the most expensive in South Africa, with a “definite premium for homes with ocean views,” said Amanda Croker of Engel & Völkers in New York Times article.

Laurie Wener, a managing director for Pam Golding Properties, told the newspaper: ” Prices range from about $350,000, for a two-bedroom apartment, to about $450,000 to $800,000 for a single-family home, although these sometimes exceed $3 million.”

“The Atlantic Seaboard is a recession resistant, established and sophisticated region,” Ms Wener said, with a “sound commercial infrastructure. It is an international destination.”

Mike Greeff, the chief executive of Greeff Properties, an affiliate of Christie’s International Real Estate, also quoted in the article, agreed that the market “has shown a particularly healthy growth this year,” but said homes with water views on the Indian Ocean side of the cape peninsula “offer far more value for money than the Atlantic Seaboard properties.”

According to Ms Wener of Pam Golding Properties, the Camps Bay area’s proximity to the sea and mountains, and its cosmopolitan atmosphere, means it is a popular choice for wealthy South Africans as well as international buyers from Africa, Europe and occasionally the United States.

Because of direct flights and no time change, an increasing number of European buyers are also seeking homes elsewhere on the Atlantic Seaboard, Constantia in the Southern Suburbs and the western cape’s Winelands, Ms. Croker of Engel & Völkers was quoted as saying in the report.

There are no laws restricting foreigners from owning property in South Africa, but South African banks will only lend foreigners 50% of the purchase price of a property. The transaction must also be handled by a conveyancer, a lawyer specializing in property transfers.

Property taxes are about 6,000 rand (US$600) each monthly and transfer costs are approximately 8 percent of the purchase price, including the conveyance lawyer’s fees and transfer duty.

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