It seems that buy to let investment purchases & foreigners buying property are on the rise, this is according to the FNB Estate Agent Home Buying report Q2 2011. (Click here to view the FNB report)

The report gathers information from estate agents and mortgage originators around the country, in order to gain an insight into the buying habits of the public.

It has shown that buy-to-let investors as well as foreigners purchasing property are on the increase. This could be due to a few factors in the market at the moment.

The current repo rate has remained unchanged, at 5.5%, by the South African Reserve Bank’s Monetary Policy Committee despite global economic concerns.

Now is the time to buy property, with favourable steady interest rates the affordability of housing and mortgage finance is possible.

Demand for properties on the Atlantic Seaboard and in Century City are in demand as these areas are great for buy-to-let investors in order to rent out.

At present, an unfurnished one bedroom apartment is priced between R5000 – R6000 per month in Century City, with unfurnished two bedrooms ranging from between R6500 to R8500 per month.

Buying on auction has become quite popular lately for those in search of a good value home. Potential buyers are placing bids at auction houses countrywide to take advantage of some great property bargains.

Western Cape with its great scenery and comfortable climate makes it one of the best places to invest.

Contact us for more information on purchasing property in South Africa.