Foreign Demand Increasing in Johannesburg Property Market
26 August 2011
Recent reports tell of increasing numbers of properties in Johannesburg being bought by foreigners, predominantly from other African countries including Zambia, Ghana and Nigeria, as well as buyers from India and China.
Growth in the mining and minerals industry is being cited as fuelling demand, though the fact that there are no 100% mortgages has brought a feeling that there is now more stability in the market.
The demand is cantered mainly on the luxury segment of the market, with property in the R2.5 million - R8 million bracket selling particularly well, although properties in the middle-lower end of the market are also selling well.
Apartments and townhouses, particularly those within gated compounds are the most popular with the foreign buyers, because they offer a combination of security and easy access to amenities like shops and entertainment. as well as good transport links.
The city is apparently becoming more cosmopolitan, and experts believe that it could be becoming an entrepreneurial centre within the country.