South African mortgage market 'improving'
By Peter Mindenhall

South African mortgage market 'improving'

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South Africa's mortgage market has been given a boost by an influx of applications from younger property buyers.

The latest figures from BetterBond show more people aged between 30 and 50 are looking to purchase real estate in South Africa, resulting in the total number of requests for a home loan rising 45 per cent in the past year, BusinessDay reports.

BetterBond is the country's biggest mortgage originator and its chief executive Rudi Botha was quoted by the news source as saying the dip in loans to people aged over 50 is due to this demographic either delaying moving home or using equity to pay cash when downsizing.

However, it seems older expats are bucking the trend, as SA Commercial Prop News noted British expats are increasingly turning to South Africa when they retire as the country offers a better standard of living than the UK for those relying on a pension.

"The percentage of loans being granted to buyers between the ages of 20 and 30 - who are typically first-time buyers - has gone up substantially, from about 16.5 per cent to almost 21 per cent," Mr Botha remarked.

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