Property investors find new South African hot-spot

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Property interest in the region of Hout Bay in South Africa has increased lately, as investors look to acquire apartments in the picturesque area.

The area, which is situated just outside of Cape Town, is found within close proximity to a number of other attractive regions but is said to offer better value to investors.

Sue McDermott, the co-founded of Spacesa, said that the beach-front area of the region is particularly popular and offers “a lot more value” than some other regions in the district.

Examples of this include Camps Bay, which is found close to that of Hout Bay. Unlike Hout Bay, however, Camps Bay is known for high property prices and often experiences troublesome weather conditions due to strong winds.

Investors are, therefore, reluctant to invest in this area, choosing the calmer and more reasonably priced Hout Bay instead.

McDermott explained how the range of properties available in this part of South Africa also contributed to the success, stating that the area’s popularity was influenced by the range of different properties which are for sale.

McDermott also highlighted Sear Point as another area of keen investment, being located slightly close to town.

Other news concerning South African properties have seen house prices rise across the country, perhaps suggesting that the country has not been negatively impacted by the current state of the global economy.

Tony Clarke, the Managing Director of Rawson Properties, commented that this was a “positive sign” for the future of the sector, demonstrating how further growth is expected.

Transferring money to South Africa

If you are looking to invest in South Africa, think carefully about how you will be transferring money to South Africa. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are looking to send money to South Africa – which you will inevitably have to do if you are looking to make a property investment - be sure to compare the market before you buy your overseas currency.

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