Uncertainty over foreign investment into property cleared up

If you are hoping to secure a foreign buyer for your property for sale in Nkomazi, the opportunity is still available but there are a few things that you need to know.

There has been uncertainty regarding foreign investment into land in South Africa, but that was recently cleared up by the South African government.

The Global Property Guide reported, “Following plans to introduce a bill banning foreign ownership of land in South Africa, made public last year, the South African government has clarified that the ban will not apply to residential properties, but only to agricultural land.”

This was welcomed by many in the local market, as property remains one of the best investments in the country and foreign investment helps boost the local market. Craig Hutchison, CEO Engel & Völkers Southern Africa, pointed out that housing is not really an optional extra, which is what makes it such an attractive option. Added to this, South Africa is one of the economically strongest countries on the continent, and as it boasts an efficient legal structure which is readily enforced, it gives investors some insurance in that their assets will be protected.

Currently, just around 7% of land in South Africa is under the ownership of foreigners, with many of those investors being from Europe.

When selling to a foreigner, it is important that you know that the only ineligible people will be illegal aliens. And when being approached by an international investor, it is important that you work through a global estate agency that has a sound record of handling these types of deals. This will ensure ethical and professional dealings, as well as a seamless purchase that falls within all the