Although political and economic factors do effect on the property business, we hold steadfast that property still remains your best investment since home is not an optional addition.” ” Foreign direct investment (FDI) in our property market is concentrated in South Africa, which is one of Africa’s wealthiest countries. Of course, this is owing to our economic strength and an effective legal system that is easily enforced. Our laws guarantee the safety of investors.
Indeed, South Africa property is drawing the attention of a growing number of ultra-wealthy Africans, including a number of people who will be billionaires in the next few years.
As a result of this ambiguity, international investors will now be able to buy property in South Africa. To clarify, the South African government has stated that the ban would not apply to residential properties but just agricultural property, after intentions to submit a bill restricting foreign ownership of land in South Africa last year. This is good news for all property investors.” Investors in overseas real estate will be encouraged by this development.
Our local housing market is presently being bolstered by foreign purchasers. ” In 2021, foreign investors contributed R9,7 billion to South Africa’s economy.
For two years, the devaluation of the South African rand has made South African property more desirable. The South African rand’s value versus the US dollar has fallen from US$1=ZAR7,5744 in March 2012 to US$1=ZAR11,4764 as of the last month of 2014.
Foreigners control only 7% of South Africa’s land, primarily in Europe. According to First National Bank, the number of purchasers from countries such as Cameroon, Nigeria, Zimbabwe, Angola, and Mozambique is also rising dramatically. An obvious draw for international investors is the country’s real estate market.
When people come to South Africa and learn about our good economic system and ethical legal system, they often decide to invest in real estate here. They know that their assets will be safe.
There are no restrictions on foreign nationals buying and owning real estate in South Africa. There are no exceptions for non-nationals. There are no exceptions for illegal aliens, as they cannot possess real estate in South Africa.
It is essential for a foreign investor to engage with an established, trustworthy and worldwide real estate business in order for them to be certain that their transactions are handled in a timely and legal manner.
We only deal with recommending attorneys who are trustworthy and well-known, so they can advise the international purchasers of any special local restrictions. Our South African property selling processes are regarded as well-structured, secure, and professionally managed.
AngloInfoSA makes it crystal obvious how to pay for a home purchase:
Remitting funds to one’s homeland
Non-nationals can make deposits into a South African bank account to proceed with the purchase of real estate. Funds for the transfer duty and legal costs are often put into the estate agent’s or transfer attorney’s trust account. Regulators keep tabs on the trust accounts of estate agents and transferring attorneys in order to ensure that foreign monies entering South Africa are properly documented. In the event that the buyer wishes to return the money, this is an essential document to have on hand.
It is possible to open non-residential bank accounts from another country. An applicant’s residence, proof of income, and passport are all required by banks in order to get a loan. Once the account is created, foreign monies must be deposited immediately.
Get a bond
Lending institutions and home loan businesses both offer mortgage bonds for sale.
For non-South Africans who want to buy property in South Africa, they can only borrow (get a bond on) 50% of the price. Half of the money has to be brought into the nation, the other half needs to be borrowed from a foreign bank.
An applicant for a mortgage bond in South Africa must meet the criteria set out by the Financial Intelligence Centre Act in order to be considered for financing. As a precaution against money laundering, applicants must supply documentation of their identity, including a valid passport and confirmation of current employment.
It is feasible to sign a bond while abroad, but it is better to provide someone in South Africa a general power of attorney.
Trying to sell your home in South Africa to foreign buyers? If you’d want to sell your South African property to overseas buyers, list it with us today.
