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SA buyers eye property in Spain, UK

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Cape Town - South Africans are buying more property abroad than foreigners are making purchases in the country, CEO of Pam Golding Properties Andrew Golding told the Fin24 studio.

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In terms of the overall market, he estimated that less than 1% of all property sold in South Africa goes to foreigners.

On the other hand, Golding said that some South Africans are looking at diversifying their portfolios.

He said the UK, and especially London, has long been a favourite destination.

Spain and Portugal, as well as Indian Ocean islands such as Mauritius and the Seychelles, have also been successfully marketed the past 10 years, he added.

However, he said that there is enormous property potential in South Africa.

“Sales in South Africa are up 20% year-on-year and especially property in the R4m to R10m market has shown a marked improvement,” Golding said.

“We’ve seen a marked improvement since the 2007 downturn and we’re sure we’re entering a new, positive property cycle as there are opportunities from the north to the south.”

Asked about a personal preference for a primary property, Golding said he was a Capetonian who loved everything about the city, but he named numerous scenic towns from Langebaan on the West Coast to St Francis Bay near Port Elizabeth.

Golding also commented on the controversial e-tolling system in Gauteng and its impact on potential property owners.

“There’s been a trend for quite a while now that people want to work, live and play as close together as possible.”

He said transport and commuting issues in South Africa have been around a long time and are influencing buyer behaviour.

 - Fin24


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