South African property sales benefit from internet searches

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New research has shown that first-time buyers in the South African property market increased from 44% in April 2010 to 52% in April 2013 and that the internet played a major role.

According to bond originator Ooba, South African property sales are being driven by a generation who are internet savvy and heavy users of online media and resources.

The average age of those taking their first steps onto the property ladder in the country is 33 across the whole of the country, and in order to make the most of the new demand estate agents have been placing an increased emphasis on their web presence.

Ooba's chief operating officer Rhys Dyer said: "If you think of the average 33-year-old in the property market today, they've probably had an email address for most of their adult lives, have used search engines over any other reference tool when they're looking for information, have Facebook profiles and interact with friends and brands on Twitter."

Analytical data backs up the connection as Ooba reported that an increasing number of applications for bonds originate through their own website and that the company's online affordability calculator recorded an increase in page views of 28% year on year.

Mr Dyer explained: "People want to be able to define the terms of their interactions with brands, products and services."

The South African property market isn’t simply finding that the internet is building up interest amongst the domestic market, as foreign investors are increasingly using online tools to make decisions as to which countries to buy into.

It is even becoming common for purchases to be made entirely online in a ‘virtual deal’ where the buyer has never actually visited the property in question.

Anyone who needs to transfer money to South Africa might want to review their currency transfer options and find the best way to send money abroad. For instance, foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

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South African property sales benefit from internet searches

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