south africa property market past bottom and recovering strongly
News Posted On: 29 October 2009
In the last two months South Africa property sales were 40% higher than in the two months previous, confirming positive reports that the market has bottomed.
The increased demand has been put down to the fact that banks, in all provinces are now giving 100% mortgages.
Cape Town, one of the host cities of the upcoming world cup is to be particularly profitable in terms of capital growth in property values.
South Africa is very much the world's underestimated emerging market, it can only be hoped that the increased exposure during the world cup will be used to highlight the benefits and strengths of the country, and not too many of its weaknesses.
Parts of Africa, which enjoy peace and stability alongside the incredible economic growth that comes from making the transition from third world country to industrialised nation, i.e. Egypt, Morocco and Tunisia have become very popular with foreign property investors, while South Africa, which is further on its development cycle has been overlooked.
This is because a large portion of South Africa's population is well off and this led to property prices being higher than in the other African nations mentioned above. Economic growth in South Africa is also not as high because it has been developing for longer.
However, in terms of security and stability, South Africa is certainly a regional leader, and hopefully this will be shown to the eyes of the world during the World Cup.
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