From BizNis Africa

Investors from other African countries continue to show a strong appetite for residential property in South Africa, particularly in Gauteng province.

They are from across the continent with most frequent investors originating from Nigeria, Angola, Ghana, Uganda, Gabon, Kenya, Zimbabwe, Congo and Mozambique.

According to Dr Andrew Golding, Pam Golding Properties Chief Executive Officer, foreign investment in residential property in South Africa continues to be encouraged by the perceived weakness in the currency which ensures that foreign buyers, and buyers from the African continent in particular, are able to achieve excellent value for money in South Africa.

“From a Gauteng perspective, Pam Golding Properties continues to conclude transactions to foreign investors, particularly in the greater Johannesburg and Pretoria regions. African buyers in particular continue to show an appetite for local residential property and are making up an increasing proportion of the foreign buyers in South Africa.”

New World Wealth indicates a continuous rise in the proportion of African buyers who made up 24 percent of all foreign investors in the local residential property in 2015, as opposed to just seven percent in 2007.

Dr Golding asserts that this direct investment from foreign buyers has a positive knock-on effect not only on the property markets in South Africa, but on the wider economy and it should therefore be encouraged.

Read more at BizNis Africa