Cape Town is appealing to foreign investors with bullish currencies

FOREIGNERS continue t o invest in Cape property, and last month’s Propstats figures indicate that foreign buyers accounted for as much as 11.6 percent of City Bowl sales revenues in December.

“City Bowl properties offer easy access to the inner city and its nightlife, the Atlantic seaboard beaches and the convenient MyCiTi buses,” says Mike Greeff, chief executive of Greeff Properties, an affiliate of Christie’s International Real Estate.

“Buyers came from countries all over the world including Germany, the UK, Switzerland, United Arab Emirates, Australia and Botswana. The average price of properties bought by foreigners in the city bowl was R2 457 143, which was an average of 3.3 percent below the listing prices. This indicates an advantageous sellers’ market,” says Greeff.

“Propstats figures for the Atlantic s eaboard during December indicate that foreign buyers were responsible for 12.6 percent of the total sales revenue in this region.

The average selling price attributed to properties bought by foreigners was R11.633 million which was 6.6 percent below the average listing price. Buyers on this part of the coastline were from Norway, the UK, Netherlands and Australia.”

He says 6.6 percent of total sales revenue in the southern suburbs last month was attributed to foreign buyers.

The average selling price was R6.8m, and there are serious stock shortages and high demand for homes in the southern suburbs, where he says prices are rising.

“Figures for sales to foreign buyers in the Constantiaberg and False Bay suburbs during December aren’t yet available, but Propstats’ November revenue figures indicate that foreign buyers in Constantiaberg were from Namibia and Zambia and that the average selling price was R4 887 500, and 7.4 percent below the average list price,” says Greeff.

“In False Bay, foreign buyers were from the UK and 2.7 percent of the total revenue for the region over November can be attributed to these sales.

“The average selling price of properties bought by foreigners in False Bay in November was R2m.”

Greeff believes that Cape Town continues to be a top destination and with the current drop i n t he oi l pri c e, i t ’ s expected that tourism will increase this year.

“This means the ground is being laid for sellers to tap into the foreign investment buyer pool. The rand is still at a very attractive rate for anyone earning US dollars, pound sterling, euros and other bullish currencies,” says Greeff.

MAJESTIC: This six-bedroomed Bishopscourt home was recently sold to an overseas buyer for R42 million.