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Increased Chinese interest in lavish Cape Town property

Feb 13 2017 20:17
Carin Smith

Cape Town - There is an increase in enquiries about properties in certain Cape Town suburbs, according to John McDermott of Fine & Country’s Camps Bay office.

"The Chinese market is still mostly untapped for the local property industry," McDermott told Fin24 on Monday.

"But now we are getting enquiries about high end residential property, even wine farms. Not only are there already very wealthy Chinese living in Cape Town, but wealthy Chinese still living in China are interested in buying Cape Town property."

They are mostly interested in property along the Atlantic Seaboard, Constantia and Bishops Court. One buyer is even interested in buying a wine farm producing a branded wine as well as a boutique hotel to house Chinese tourists. Another enquiry is by a Chinese resident who wants to build a boutique hotel in Blouberg, Cape Town.

READ: Property experts weigh in on 2017 outlook

Another example is of a Chinese couple living in Beijing who have already bought five homes in the southern suburb of Newlands in Cape Town.

"They are looking for long term property investments and have a particular interest in Cape Town," said McDermott.

The buyers are mostly business people.   

McDermott works closely with his Chinese business partner Jorica Mengjiao Jin, who was born and educated in Beijing.

According to Linda Erasmus, CEO of Fine & Country sub-Saharan Africa, not only did the internet erase borders between countries, but it also inspired people to explore and travel as well as work in other countries.

"China has in recent years, turned its focus to South Africa, resulting in many people from this continent now investing in property in South Africa. Forming such a strong partnership is the first step in offering our clients much wider radar of showcasing their valuable properties," explained Erasmus.

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cape town  |  sa economy  |  chinese  |  property

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