Real Estate & Other News in South Africa from Propertyshowrooms.com

South African property prices up slightly

Thu, 22 Dec 2011 00:00:00 GMT

The value of homes in South Africa has risen marginally for the first time in three months, new figures show.

According to a report released by bond originator ooba, the average cost of buying a property in South Africa climbed by 2.4 per cent year-on-year during November.

A monthly rise of two per cent was also recorded last month, the organisation revealed.

Meanwhile, the number of applications for mortgages increased sharply in November, compared to the same time in 2010, ooba noted.

Chief executive officer of the firm Saul Geffen is upbeat about the future of the real estate sector in South Africa.

"The record-low interest rates, coupled with subdued property price inflation, increased bank approval rates and lower deposit requirements and increased bond sizes, will continue to positively influence the property market," he asserted.

Earlier this month, co-founder of Spacesa Sue McDermott noted that Hout Bay on the coast near Cape Town is a popular location for property investment.

She stated this location offers more value than other coastal sites nearby, enhancing its appeal among buyers seeking a home in the area.

Confidence returning to South African market

Wed, 5 Jan 2011 00:00:00 GMT

Property investors looking to purchase real estate in South Africa will be pleased to learn that confidence is beginning to return to the market.

Analysts have explained that the country's inclusion to this year's BRIC group of major emerging markets is set to boost the level of foreign interest.

South Africa's induction into the group, which currently includes Brazil, Russia, India and China, legitimises it as a future global power.

Indeed, according to the latest Sage Property Report, confidence in the South African property market is returning with an 8.3 per cent year-on-year growth rate in average housing prices.

"South Africa's inclusion into the circle of BRIC countries is only going to strengthen the attraction for investors," explained David Higginson, co-founder of Lance Market Management.

"[Volatility of the rand] is perhaps the biggest concern for a foreign investor. Yet, the rand has been one of the best performing currencies in the past three or four years and it has been pretty stable

Table Mountain gets nod as wonder nominee

Fri, 9 Jan 2009 00:00:00 GMT

It's official: Table Mountain has been selected as the nominee to represent South Africa in a global New Seven Wonders of Nature campaign...

King Dinuzulu statue to be unveiled

Fri, 5 Sep 2008 00:00:00 GMT

The statue of King Dinuzulu will finally be unveiled, marking one of the highlights of Heritage Month in KwaZulu-Natal...

Australian property 'popular with South African investors'

Thu, 7 Aug 2008 00:00:00 GMT

A growing number of overseas property investors in South Africa are showing interest in the Australian market, according to experts.

Estate agency Pam Golding Properties stated that the country is proving to be a popular choice with prospective purchasers of real estate in South Africa, reports Cape Argus.

Simon Gibb, spokesperson for the company, said much of the interest is coming from people who plan to buy for investment purposes.

However, he stated that some enquiries are also coming from people who wish to live in Australia on a permanent basis.

Mr Gibb believes the decline in the South African currency, as well as growing political uncertainty, has fuelled the recent interest in buying abroad.

He commented: "There is a trend that when our rand is trading less favourably against the major currencies, South Africans look to move money offshore.".

Earlier this week, Paul Arthur of The Emigration Group told the Daily Star that Australia has attracted 23,906 expats from the UK in the last year.

Cableway service to last three weeks

Thu, 17 Jul 2008 00:00:00 GMT

Visitors to Cape Town have three weeks to get to the top of Table Mountain...

'Oldest man-made structure' unearthed

Mon, 14 Jul 2008 00:00:00 GMT

An astonishing claim, which could set the scientific world in a spin, has been made Mpumalanga...

Raising SA's profile

Fri, 4 Jul 2008 00:00:00 GMT

CNN International has joined up with South African Tourism in an attempt to raise South Africa's profile ahead of the 2010 World Cup...

South Africa sees surge in house prices

Mon, 4 Jun 2007 00:00:00 GMT

Median house price growth inflation in South Africa now stands at 10.9 per cent after an upsurge of buyers in May, it has been revealed.

The average middle-range house price rose from around GBP40,000 in April to around GBP42,000 in May, according to Business Day.

The median growth rose from 7.4 per cent in April, with real estate agencies suggesting that the market's potential had been underrated.

"I've been saying for a while that I believe most commentators have underestimated the growth and the steam in the underlying residential market," commented Seeff Properties chairman Samuel Seeff, speaking to Business Day.

"A firm property market that is seeing the benefits of a flat interest rate environment in 2007 so far" was the cause of the rise, added Jawitz Properties chief executive Herschel Jawitz.

Meanwhile the ABSA group has reported that the value of an average luxury property in South Africa has more than doubled since 2000, up from GBP130,400 to GBP277,700.