Property in South Africa
Despite a slight slowdown in price growth, South Africa still represents excellent value for money. With its Mediterranean climate and sophisticated social scene, Cape Town is the place to be seen, while the Garden Route offers a more tranquil existence and Durban's coastline is enjoying redevelopment
Prices for South Africa Properties from £40,100
Key facts
- Population: 44,200,000
- Capital: Pretoria
- Approx. exchange rate: £1 – 13.9 ZAR (SA Rand)
- Visas: After 90 days
- Time difference: GMT +2
- Flight time from UK: 11 hours
- Major airports: Johannesburg, Cape Town, Durban
- Dialling code: 0027
Property in South Africa
The Market: Cape and the World Cup
Value for money remains a huge draw for property buyers in South Africa. Some caution has spread across the property market this summer following the hike in interest rates and possible further increases before the end of the year. As a result, investors are looking to the development market with a long-term view, safe in the knowledge that the country’s hosting of the 2010 World Cup should be a shot in the arm for the property market.
Cape Town still has the strongest draw for investors. The Southern Suburbs comprise one of the most active development markets; Claremont, with it’s the Quadrant development (from R1,050 million – £77,000) and The Lofts in Tokai, are good examples. Further afield on the Southern Peninsula, lifestyle factors play a key role, reports Pam Golding International, with eco-estates such as Noordhoek’s Lake Michelle proving popular. More affordable developments can be found in the Northern Suburbs, where there are off-plan apartments and townhouses available, notably in areas of Brackenfell. The Western Seaboard of Cape Town has a selection of options ranging from entry-level properties through to exclusive seafront pads. The Garden Route and Eastern Cape are favourites for retirement or second-home destinations. Coastal towns that combine a fantastic way of life, great beaches and attractive property options include Mossel Bay, Knysna, Port Alfed, Jeffrey’s Bay and Plettenberg Bay.
A further growth spot is the coastal stretch north of Durban in, where the resort of Umhlanga Rocks has developed into a trendy holiday spot. Only three hours north are a good selection of game reserves and the beautiful protected St Lucia wetlands. A similar distance away are the Drakensburg mountains, a draw for outdoors enthusiasts. South of Durban are the established resorts of Margate, Ramsgate and Port Edward but there is still room for growth here, namely at Shelly Beach where opportunities are arising through estates such as Bayhill and The Farm, helped along by the town’s new shopping centre.
