Strong Dollar Deals: Where to Find International Property Bargains
With exchange rates heavily weighted in their favor, foreign investors are showing increasing interest in South Africa’s property market during the country’s current economic downturn, attracted by winter sun and reasonably priced homes.
In particular, an American considering a $5 million home in South Africa would have seen a 48% rise in purchasing power between the beginning of 2014 and last month.
Ronald Ennik, founder of Ennik Estates, an affiliate of Christie’s International Real Estate, said: “There is no question that South African homes are irresistibly well-priced right now from a foreign investment perspective.”
According to Ennik, investors are mainly interested in cosmopolitan Capetown, on South Africa’s southwest coast, and Sandton, an affluent “live-work-play” precinct of Johannesburg, the country’s financial and commercial capital.
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