Almost 20% of all foreign buyers of residential property in South Africa are now from the rest of Africa, after a report by FNB.
The figure has gone up from 16% back in 2013. Most of the clients are centered around Johannesburg, as reported by Lightstone.
Dr Andrew Golding, chief executive of the Pam Golding Property Group (PGP), says the group’s sales to foreign buyers in general is just below 3.5% of the total sales by the group.
The enlisted countries that originate buyers are the UK, Germany, Botswana, Portugal, Zimbabwe, the US, Belgium, Switzerland, China, the Netherlands, the UAE and France.
As stated by the expert, these clients have a tendency to make purchases notably between R2m and R5m. They also explore the lock-up-and-go options located in secure areas.
Following the 2018 Africa Wealth Report, the most expensive cities for elite residential property are Cape Town (Bantry Bay, Clifton), Durban (Umhlanga) and Johannesburg (Central Sandton).
Overall, Cape Town remains the top performing real estate market and the second fastest-growing luxury market around the globe.