Property investors 'waking up to South Africa'
Property investors 'waking up to South Africa'
"The foreign property market continues to grow as the world wakes up to the opportunity in South Africa", according to International Property Solutions.A spokesperson for the company said that an expected relaxation in lending criteria for non-residents, combined with the World Cup in 2010, should mean the market experiences "strong growth" in the next couple of years.
She added that while rental yields in South Africa were not yet sufficient to cover all of someone's mortgage repayments they could "take a large chunk out of it".
However, she also said that the buy-to-let market was beginning to "catch up with the strong growth we have seen in capital values over the last five years".
In 2005, a survey by Barclays found that South Africa was the fifth most popular place for overseas investors to buy a property.
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29 January 2008
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