The information in this article is courtesy of The Property Magazine (Foreigners snapping up rentals in Camps Bay, Clifton and Bakoven – November 2008)
According to The Property Magazine there is a huge demand for quality long-term rental properties in Camps Bay, Clifton and Bakoven. According to Charles Bloem, specialist Seeff rental agent for these 3 areas, 80% of the properties on his books were rented by foreigners.
Bloem added that most of these foreigners were from Europe but among them were also people from the USA, Australia and Brazil. The large group of renters can be divided into two groups; employees of large companies that are relocating to South Africa for 2-3 years and families taking extended holidays of about 12 months while their children attend school in Camps Bay of Cape Town.
These tenants usually require furnished or unfurnished family homes with 3-4 bedrooms, swimming pool, garden and secure parking and are willing to pay around R20 000 – R30 000 per month.
Bloem continued to say that there is also a rental demand from people living in other regions in South Africa, mainly Gauteng, who are relocating but choosing to rent for 6-12 months before buying their own property. This is mainly because they need time to sell their property and because they want to take time to find the ideal property.
§ In other news, Realestateweb reported that one Cape Town agent has made two record-breaking sales by selling 2 Camps Bay properties. Both properties were scooped up by Gauteng businessmen.
The first home was sold for R21m and the second R16,5m.
Rent property in South Africa
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