May 17 2009
Foreign Home Owners
Posted in International Property
In 2004, only 2189 residential properties were owned privately by foreign individuals; a number that has by this year risen to 30661 – which represents about 0,56% of all residential properties (or 35,000 foreign owners who own 30,661 properties in South Africa) – under half of which are inland freehold properties.
These figures show that not only is the percentage of properties owned by foreigners is considerably smaller than expected; but that also (in contrast to popular perception) nearly 50% raised mortgage bonds to finance their purchases.
The Western Cape remains the most popular area of choice, with a climate more suited to the needs and preference of the Europeans.