Low South African rand 'makes property investment ideal'

Now is the perfect time to make an international money transfer and purchase a property in South Africa, according to one housing expert.

Tom Whale, account manager at Rightmove Overseas, claimed that the residential market in the country has a number of great offers for investors.

He explained that "while house prices haven't fallen as much [as some countries], the South African rand is at its lowest point since late 2009".

As a result, now is a "great time" to take advantage of the low prices and snap up a second home at a bargain rate.

It was suggested by Mr Whale that most people looking to purchase a property in South Africa have different motivations to regular holiday home buyers.

He commented that generally it is "either South African expatriates looking to return home or UK residents looking to escape the dreary weather".

This is said to be due to the nation having a flight time of more than ten hours from the UK, so it is not a simple plane ride across Europe when compared with destinations like Spain and Italy.

However, Mr Whale explained how over 10,000 searches a month are made for property in South Africa, with the regions in the Western Cape the most popular.

Investors are said to favour Hout Bay, Stellenbosch and Cape Town over other areas of the country.

Before purchasing a home overseas, director at Property-Abroad.com Les Calvert advised Brits to ensure they have a good knowledge of the market and to carry out thorough research.

He recommended watching the industry and learning its traits so it is easier to invest wisely and accurately predict when a risk could pay off and turn into a profitable investment.

Posted by Chris Barber

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