There have been a number of controversial reports regarding the attendance of foreign visitors to South Africa for the 2010 soccer world cup. Many of these reports suggest much lower numbers than anticipated by organizing bodies, whilst other bolster such figures to indicate a massive response. Be that as it may, we are all very interested to know how this event will affect the prices of residential property in South Africa. Will these foreigners run amok in a property-buying frenzy or will they idly pass by the opportunities in our residential property market?
The South African Property Transfer Guide (SAPTG) suggest in their newsletter that the world cup will not entice many foreigners to invest in residential property, but rather raise the level of confidence among local South African property buyers. My personal opinion is that the previously mentioned fact along with the all time low interest rates we are presently experiencing could quite possibly see this prediction coming to pass. I would, however, like offer a word of caution to over-zealous property owners. We are presently in a buyer’s market and will continue to be for some time. Fetching top dollar for your property is not a realistic expectation and your pricing must be in line with present market value if you are to have any hope of selling your property any time soon.
If you would like assistance with discovering a realistic value for your property, we would be glad to provide you with factual information sourced from the deeds office. Chilli Property specializes in the sale of residential property in Sandton, Midrand, Randburg and Fourways. We look forward to hearing from you. Please visit our website at www.chilliproperty.co.za for further information.
