More and more South African expats are returning to South Africa and snatching up prime property in Cape Town.
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According to Stephan Thomas and David Burger from Lew Geffen Sotheby’s International Realty, realtors have noted a significant increase in enquiries from South African emigrants over and above the wave of semigration to the Cape and the growing interest of high-net-worth foreign investors.
‘Many of these buyers left South Africa in their teens or in their early twenties, are now in their thirties and forties with families of their own and keen to return for a number of reasons, including lifestyle and the advantageous exchange rates that enable them to leverage their foreign-earned currency.’
‘Others are retirees looking to escape the harsh European winters to enjoy their golden years in a temperate climate where they can pursue outdoor leisure activities and their hard currency pensions will stretch that much further.’
One significant factor driving the return of expatriates is the favourable exchange rates, as the dollar, pound, and euro have significantly strengthened against the rand, BusinessTech reports.
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Another key factor is lifestyle – the City’s Southern Suburbs have especially been noted as appealing due to the schools in the area.
‘The other reality is that people living in the UK and Europe are becoming more miserable every day with wars on their doorstep, uncontrolled immigration and cost of living increases and, at the end of the day, we all aspire to a better lifestyle and will seek it out,’ say Burger and Thomas.
Furthermore, buyers are spoilt for choice when it comes to property options, particularly in the secure estate sector.
‘Estate properties are very popular with these buyers and estates in this area offer everything they need, including controlled access, first-class lifestyle amenities and a sense of community as well as property options to suit most budgets, although we find that our expat clients generally purchase within two price bands: R9 million to R18 million and R25 million plus.’
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Also read:
The Cape Town property market surges as international buyers swoop in
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