South African property 'bouncing back'

The South African property market is bouncing back from a spell in the doldrums, it has been stated.

Overseas real estate magazine Property Abroad has said the country has seen a 40 per cent increase in sales in the past two months, compared to the previous equivalent period.

It suggested that the return of a widespread provision of 100 per cent mortgages to the market is helping this recovery to take place and said that Cape Town could be a particular beneficiary of the rebound.

Both the Cape and the country as a whole could gain from the attention focused on it by next year's World Cup, the portal suggested, labelling South Africa as "very much the world's underestimated emerging market".

The country can offer some very favourable upmarket homes, chairman of Sotheby's International Realty SA Lew Geffen told the Times Online last month.

He said that for the price of a one-bedroom apartment in London, a buyer could pick up a three-bed beachfront property in the Sea Point area of Cape Town.

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