How the World Cup has changed the Property Market in South Africa
There is no doubt that the FIFA Soccer World Cup has had a huge impact on tourism
and South Africa as a whole, but what impact has it had on the property market in terms of foreign investors and real estate evaluation? Experts agree that the World Cup had been hugely successful in terms of foreign investment on the South African real estate market, with the increase in exposure and visitors playing a vital role in the property industry. Property prices are at a premium, especially in the highly sought-after areas across the country such as Sandton, Bishops Court, Camps Bay and other key residential areas. What does this mean for local homeowners seeking to invest in property, and will this influx of investment set a long-term precedent once the World Cup fever has died down?
The Times Live recently reported
that many celebrities are considering South Africa for property
investment, with many estate agents noting an increase in high profile viewers over the month of the World Cup. Coastal properties are especially attractive to celebrities seeking property in South Africa, in particular the high-end suburbs of Cape Town’s Atlantic Seaboard. Other members of the elite and extremely wealthy, such as dignitaries and political figures have also been taking an interest in the country’s property market, with visitors from the UK, US, Italy and France especially interested in owning property in South Africa. Estates such as the exclusive Pezula Estate on the Garden Route have attracted sporting celebrities such as Nick Price, Roger Federer, Jonas Bjorkman and Graeme Smith, while many A-list celebrities have chosen select Cape Town property – sneaking in incognito when they need to escape the crowds.
It goes without saying the types of properties that appeal to celebrities are far beyond average. Some of the country’s premier real estate can be purchased at anything from R15 million to R100 million and even higher, whether these are towering glass mansions overlooking the Atlantic coastline, picture-perfect apartments in the heart of Sandton or sprawling homesteads in the Constantia green belt. One of the most expensive and exclusive properties on the market includes the spectacular R110 million property in the Waterfront area of Cape Town – situated at the top of The One and Only hotel. Launched by the iconic Sol Kerzner, this penthouse has it all; views, location and the ultimate luxury.
The World Cup and its related success will see property values increasing as the interest and demand among foreign investment grows, giving even more value to property in South Africa. As any property management company
can attest, now has never been a better time to invest in this hugely sought-after property market.