South Africa’s weak currency means big bargains for Brits

Photo: SWiv

Speaking to OPP Connect , Cape Waterfront Estates says that foreign demand for South African real estate is on the up, thanks to the relatively affordable conditions.

“The sterling rate is eighteen to one now, which provides quite a big discount for anyone buying in Cape Town and the Atlantic Seaboard,” Director Margie MacKenzie said.

MacKenzie added that the weaker currency meant that investment potential was even stronger than usual: “Historically, buying property along the Atlantic Seaboard in Cape Town has provided returns that in many cases have outperformed the stock markets.”

Indeed, property prices have risen up to 9 per cent in the last nine months, according to new figures from Absa Bank, notes OPP, although inflation is a major factor in the market’s growth.
Economic confidence, though, is strong. Director Clare Putsman added: “We have a stable economy and the election ran without any major turmoil so I expect economic growth and stability to follow on accordingly.”