Expats Fuel Cape Property Market

This article is courtesy of iAfrica (Expats boosts CT property – 4 March 2009)

iAfrica report that expats returning to South Africa are fuelling rentals as well as sales in Cape Town.

This is according to Lanice Steward, MD of Anne Porter Knight Frank who added that this could largely be contributed to the economical woes that most countries are currently experiencing.

Steward said that around 3% of their buyers are expats returning to South Africa. These buyers are capable of paying large deposits or buying property with one check, meaning the National Credit Act are not holding them back.

Another trend, according to Steward, is retirees from the UK and EU coming to South Africa to take advantage of the current exchange rate that is giving them incredible value for their money.

Pam Golding’s Western Cape Rentals Director, Dexter Leite, explained that they have seen an upswing in rental activity across Cape Town. This is due to higher interest rates and tough lending criteria. Returning expats are also contributing to this upswing as they are opting to rent while evaluating their needs and searching for a home.

Leite added that retired visitors are also choosing to rent while they consider the possibility of settling here permanently.

Gerhard Kotze, CEO of Era South Africa, agrees with this saying that any South African equipped with sterling, euros or dollars is bonus for the property market.

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