South Africa 'suiting cash buyers'

Those with the cash to buy properties outright are increasingly dominating the South African market, it has been stated.

National manager of real estate data research provider Knowledge Factory Dieter Deppisch was quoted by the country's Sunday Times newspaper as saying: "Cash sales of full title and sectional title properties rose to one in three sales during the current year."

In contrast, he noted, only half of those applying for credit to buy homes are being successful.

Knowledge Factory's figures indicate that the bulk of cash purchases are for properties valued between ZAR500,000 and ZAR2 million (GBP37,100 and GBP149,000), while such purchasers are also picking up repossessed bargains.

Those with the funds to do so may wish to consider the country, as they may be able to find a number of bargains.

Despite being affected by the economic downturn, South Africa's average house price rose by 1.2 per cent in the year to June, according to the Oobarometer price index.

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