‘Promising signs’ for SA property

4 January 2010

The arrival of South Africa’s World Cup year, along with signs that the country has begun moving out of recession, bode well for SA’s property sector, says Seeff Properties chairman Samuel Seeff.

In an article published on property investment website Realestateweb on Monday, Seeff said he expected South Africa’s hosting of the 2010 Fifa World Cup to have a positive effect on sentiment – although the effect on actual sales might only be felt in 2011.

By placing South Africa in the international spotlight, the World Cup “will certainly open up the country to potential investors and buyers ,who cannot help but recognise that there is significant value in the cosmopolitan lifestyle we offer when compared to European destinations,” Seeff said.

Luxury homes and villas on Cape Town’s “platinum strip” – which includes the world renowned areas of Camps Bay, Bantry Bay and Clifton – as well as apartments and penthouses at the V&A Waterfront, “still offer outstanding value for the many overseas visitors who find South Africa an appealing holiday destination.

“In fact, we have just sold a Camps Bay villa for the highest price ever fetched in that area, to a European executive who owns an international brand, who was in Cape Town for the [2010 World Cup Final Draw].

“On experiencing Cape Town for just a few days, he decided to purchase here instead.”

South African coastal property gems are not restricted to Cape Town’s platinum strip, Seeff added.

“One can purchase a four-bedroomed mansion alongside the links at Sunset Beach on the western seaboard coastline, which offers postcard views of Table Mountain and the ocean, for between R10- and R12-million, and equally outstanding homes are to be found in the coastal towns of Hout Bay and False Bay.”

A “cautiously optimistic” Seeff predicted that 2010 would bring increased demand for the local property market, more sales, and “conservative price increases.

“We will see more activity and more demand, which will translate into more sales, provided that banks keep their doors open to providing more finance.”

SAinfo reporter

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