Expats Look Back Home for R2m-and-above Properties
More than 300,000 South African expats have returned home over the past five years, according to Angel Jones, CEO of the Homecoming Revolution, and the R2m-andabove property market looks set to benefit.
“Our offices in the Southern Suburbs and on the Atlantic Seaboard in Cape Town each receive at least five to 10 inquiries a month,” says Lew Geffen, chairman of Lew Geffen Sotheby’s International Realty.
“Golf and security estates are popular in the Southern Suburbs of Cape Town, as are secure freestanding houses. On the Atlantic Seaboard, it depends entirely on the stage of life of the expats returning. Some look for lock-up-and-go type properties, such as flats in Clifton, while others want villas in Fresnaye, Camps Bay or Bantry Bay. In Johannesburg, security estates are very popular, as are secure freestanding properties in areas that have good neighbourhood watches and security patrols.”
Carol Reynolds, Pam Golding Properties area principal in Durban and surrounds, says, “The lifestyle benefits of our climate and beaches, along with the support offered by family and friends, are difficult to replace. And value for money cannot be compared. A R5m home here is a beautiful, stylish mansion, whereas R5m buys very little offshore.”