Weekend Argus (Saturday Edition)
FOREIGN INVESTORS
LAST week Lightstone Property announced the number of foreign property investments in the Western Cape had increased by 4% in January .
Knight Frank’s Hardie says Camps Bay and Bakoven, Clifton, Bantry Bay, Fresnaye, the Waterfront, Higgovale, Tamboerskloof, Green Point, De Waterkant, and Sea Point are often the areas in where foreigners look to purchase their properties .
“These are usually houses or apartments that are suited for letting while they are not here. The properties need to tick all the boxes of having sea views, parking, outside space, pools, and being close to amenities.
“These buyers are looking for the holiday feel and returns on investments. They generally look for sea or mountain views,” Hardie says.
Greeff says foreign buyers also look for holiday homes which offer potential in summer, as well as farms and smallholdings in the Winelands.
“They are generally after apartments, a variety ranging from lockup-and-go to beach cottages, eco-estates, and large freestanding homes. The choice is also based on good access routes to tourist destinations and proximity to the airport.”
These properties range from R5 million to R50m, Greeff says.
UK and European buyers, especially Germans and swallows, “absolutely” love the Atlantic Seaboard and City Bowl, says Seeff ’s Slot.
“They will either buy here or rent for extended periods, sometimes up to six months of the year, to spend the fabulous summer here and get away from the cold European winters.”
The Atlantic Seaboard, with its Mediterranean climate and cosmopolitan lifestyle, appeals to many foreign buyers, agrees Basil Moraitis, Pam Golding Properties area manager here.
“The lifestyle is also comparable to European cities, but is still accessible given the favourable exchange rate.”
Louise Varga, Pam Golding Properties branch manager for Somerset West and Stellenbosch, says there has also been considerable international buyer interest in secure estates in the Winelands.
“You can have a home in a secure estate with a magnificent sea and mountain view and still be a few minutes’ drive from the beach.”
Foreign retirement buyers also find value and lifestyle in the Fish Hoek and Simon’s Town areas.
“British pounds and euros have considerable buying power in the local market, particularly when compared to other popular retirement destinations such as Cyprus, Malta, France, and Spain,” Lew Geffen’s Thomas says.