South Africa coastal properties in high demand

mar bonnin palmer

Properties on the coast of South Africa are becoming increasingly popular amongst international buyers.

Properties in the Western Cape of the country have not seen a significant fall in prices over the last few years, but are still proving to be more cost-effective than housing in Europe.

Darren McDermott director of explained: “It's [in] coastal property that you see real value, compared to similar property on the Mediterranean - and everyone wants to live with sea views”

South Africa has a lot to offer potential buyers looking for cheaper properties. The Atlantic Seaboard in Cape Town as well as the city’s suburb of Constantia are two of the most sought after locations for real estate investors at this moment in time.

McDermott also highlighted that Sear Point was another investment hot spot, as it is ideally located nearer to town.

The South African rand is weakening against the dollar, giving investors more capital to make purchases.

Mr. Dermott explained the property market in the region has remained "pretty flat in growth and sales" since 2008, however it could “start picking up in 2013"

South Africa is already proving to be a prime location for any investor as the country’s economy grew by 3.1% in the last three months of 2011.

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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