Foreign investment still going strong in SA property market
Recent confusion has had some wondering whether or not foreign investors can look to secure property for sale in Mpumalanga. However, this has been clarified and the opportunity for foreign buyers to invest in South African land is still available.
In recent times, the political and economic situation has caused some confusion and concern, but when it comes to foreign investment into property for sale in Mpumalanga, the opportunity is still there.
Of course, conditions in the country can have an impact on the local market, but Craig Hutchison, CEO of Engel & Völkers Southern Africa, is adamant that property still remains as one of the best investments in South Africa. Pointing out the fact that housing is not an optional extra, it remains a big attraction for foreign direct investment (FDI).
Added to this, South Africa also boasts economic strength and an efficient legal system which is enforced, which in turn gives peace of mind to investors as they know that they will be protected by the laws of the country.
A lot of investment in property comes from Europe, but only around 7% of the land owned in South Africa is through foreign investment. There has also been a steady increase of African investors, with buyers from the likes of Angola, Cameroon, Nigeria and Zimbabwe.
The uncertainty regarding foreign investment came through talk of foreigners not being able to own property in South Africa, however, this was cleared up by Global Property Guide, who stated, “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.”
However, if you are a local looking to sell to a foreign buyer, it is essential that you complete the deal through a reputable estate agent with a solid track record of negotiating deals on a global scale.
