South Africa Attracts UK Investors

January 11 - There is nothing like an international sporting event to bring a country into world focus, and South Africa is certainly getting its fair share of attention in recent months.

With the limelight on the natural wonders of South Africa, many investors, especially from the United Kingdom, are considering the purchase of property across all provinces.

Although the recession put a halt on the growth of the South African property market, things are definitely starting to pick up, not least of all because of the FIFA World Cup that will take place in June this year.

"Lots of estate agents went bust and the market ground to a halt," recalls Jacques Ellis of Cluttons estate agency in Cape Town. "But in the past few months we have seen life return, sales and enquiries are up and we expect, with the global focus on South Africa in 2010, that this will continue with international buyers returning in full force."

While the Cape is always seen as an excellent buy, international investors should also check out other options in up and coming areas.

"They might not be widely known, but I would advise looking towards Umhlanga Rocks and Ballito in Kwa Zulu Natal, an Kruger National Park in Limpopo, South Africa's most northerly province," recommends Tracy French of Seeff Properties. "These are the current bargain locations."

So what are UK and international investors snapping up?

A development of 60m2 apartments in Green Point so has been practically sold out, with half the buyers from abroad.

Hermanus, famous for its whale watching, has also picked up in recent months, with coastal villas being bought by international buyers.

UK buyers should note, however, that credit is more difficult to come by than in their home country. "There are fewer lenders, mortgage types available and loans are more expensive and criteria are much tighter than in the UK, even post credit crunch," warned one market expert.

Read our 2010 World Cup betting guide.

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1/11/2010 10:29:18 AM