Foreigners buying in South Africa

According to Property Wire, European buyers in particular have been looking at properties in the Western Cape,along the Garden Route and in cities that will host the 2010 World Cup, according to industry professionals.

'There is an upturn in inquiries especially via the internet,' said Lew Geffen, chairperson of Sotheby's International Realty in South Africa. 'German buyers like the relatively stable growth of the property market and see a downturn in prices as a good opportunity to invest,' he added.

Simon Gibb, of Pam Golding Properties, said over the past fortnight the division has noted a slight increase in inquiries from foreigners.

‘We assume it is as a direct result of the depreciating Rand. These inquiries relate more to what stock is available on the market here than to properties in specific locations and in a specific price range.'

* Overseas properties for sale