WHY MORE FOREIGNERS ARE BUYING UP PROPERTY IN SANDTON

WHY MORE FOREIGNERS ARE BUYING UP PROPERTY IN SANDTON

While foreign buyers in Sandton were historically most noticeable in the luxury market, recent sales suggest that more SADC nationals and buyers originally from central and West Africa are now buying in the R2.5 million to R5 million price brackets.

This is according to Charles Vining, Seeff’s managing director in Sandton, who said that areas like Bryanston, Lonehill, Fourways, and Parkmore are particularly popular because they offer family homes on reasonably sized stands in this price range.

These homes areas are also located in close proximity to top schools, which is of course another very important consideration to the expat or foreign buyer community, he said.

“Foreign buyers in Sandton are often most interested in homes in estates or ‘compounds’ as they are often referred to due to the much-publicised South African crime rates. Boomed off roads are also highly desirable.”

He added that foreign buyers of late are mostly families where one or both of the parents are professionals, often in medical, legal or financial services and the children are school-going.

Vining added that proximity to both Sandton and major arterial routes are driving factors for sales in Bryanston, Lonehill, Fourways and Parkmore surrounds.

“The majority of homes here are suitable for families and hold their values well, so it doubles as a good investment. Some of the best private schools in Johannesburg are also only a stone’s throw away.

“The British International School in Bryanston and the American School in Dainfern are big draw cards for those looking to keep their children in the type of schooling that they are accustomed to.”

Vining said that while Parkhurst was also a popular choice amongst foreign buyers looking below R5 million in the past, it is more suitable for smaller families and those with younger children.

He added that while the Cape, with its second home luxury market and holiday home market, sees more investment from European and North American buyers than Sandton, Seeff does occasionally conclude deals with Europeans and Americans.

“We have recently concluded a high-value transaction with a European national who has business interests in the African continent and an American buyer who is involved in business in Johannesburg”.

– Business Tech

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