World Cup Draw Set to Increase Rental Deals

December 18 - The World Cup draw that took place on November 4th set the ball rolling for media contingents, VIPs and soccer fans to actively seek out accommodation for the World Cup, set to kick off in South Africa next year.

FIFA, the organizing soccer body of the tournament, said that it expects that there will be a shortage of about 18,000 rooms to let, although it may be too early to tell.

Property owners who are hoping to make good money from their homes over this time period are being warned about "over inflated rental expectations", although the demand for property is expected to be high, especially among exclusive Western Cape properties.

Dexter Leite, serving as the Rentals Director for the FIFA appointed accommodation organizer, Match said that property owners should ensure that their homes are properly covered by insurance before renting them out.

"They should ensure that the building and contents are adequately covered and inform their insurance company of a pending short term let in case their policy does not cover this," he said. "And in terms of rental agreements, it is advisable to get 30% to 35% securing deposit."

A problem facing property owners is the fact that it is near impossible to obtain references for visitors from overseas.

Pam Golding Properties, as a rule of thumb, carries out financial checks and credit ratings for its clients, although references are difficult to come by.

In the meantime, it has been reported that the Western Cape rental market is as buoyant as ever, and Gauteng rentals "have been extremely active."

12/18/2009 11:34:22 AM