FIND PROPERTY FOR SALE IN SOUTH AFRICA

“The stable repo rate comes as something of a raft in a particularly stormy sea given the global economic uncertainty, local labour relations tensions and the volatile Rand,” says Mike Greeff, CEO of Greeff Properties, an exclusive Affiliate of Christie’s International Real Estate. “Increasing household costs have and will continue to affect the property market, however people will continue to move to bigger houses as families grow, and they will sell to downscale as children leave home,” says Greeff. He does add however that the current economic scenario would indicate that property selling prices are unlikely to rise this year or even in 2014. “Governor Gill Marcus has suggested a possible .3 percent acceleration in domestic growth in 2015, though, but in the meantime, the buyer’s market prevails and the rental market, particularly in the Western Cape, remains extremely buoyant, so buying to rent, particularly if the property is close to schools, business centres and public transport continues to be a good investment strategy, albeit a long-term one,” says Greeff. He says that the weaker rand should bode well for foreign investment, but shaky labour relations continue to erode at what might be a growing sector. “Clem Sunter’s call for an economic “CODESA” is spot on, the associated risks of work stoppages and excessive wage increases are just a few of the issues negatively affecting domestic and foreign confidence, and government has to start working with business to find a way forward, ” says Greeff.  “In spite of negative trends, Cape Town does remain a favourite for property investors, and homes in both the luxury market and more affordable lock-and-go sectors are still being sought after by foreign nationals,” says Greeff, adding that The Mother City’s status as Design Capital of the World 2014 is likely to spotlight the city, giving the property market an extra boost. Greeff’s recent sales to non-residents include a Bishopscourt property which sold for R16.5 and a Constantia Upper Property which sold for R22 million.

“The drop in the value of the Rand versus the US$, the Pound and the Euro has put an extra R2 million on average into the pockets of investors with  one million in these foreign currencies,” says Mike Greeff, CEO of Greeff Properties, an exclusive Affiliate of Christie’s International Real Estate. “Luxury homes in Cape Town’s exclusive suburbs are spending lengthy periods of time on the market as sellers sit tight to get their prices, however these owners would be wise to take advantage of the current Rand value and market their homes abroad,” says Greeff. “To put things into perspective, in June 2012, US$1million would have yielded R8.45 million – in June 2013, that same US$ 1million would put R10. 16 million into the investor’s pocket. Sterling and Euro holders have enjoyed even bigger value boosts; Last year in June £1 million would have yielded R13.1 million, while in June 2013 it’s worth R15.76 million. Last June €1million bought R10.56 million, but in June 2013, the Euro holder scores R13.4 million,” explains Greeff. He says that for these individuals just with the extra change earned by the year-on-year drop in Rand value of one million in any of these foreign currencies could happily purchase a spacious family home in the Southern Suburbs of Cape Town. “A small sample of the homes Greeff is currently marketing reveals that R2.39 million will get you a five-bedroomed home in Noordhoek with an ocean view; R2.5 million will secure a three-bedroomed Victorian house in historic Wynberg, Chelsea; R2.499 is the asking price for a three-bedroomed family home with a brand new kitchen and wooden floors in sought-after Newlands, while R2.85 million will purchase a charming and unique four-bedroom farmhouse in Little Mowbray,” says Greeff. “We are starting to receive interest from the Eurozone, the US and the UK and are actively marketing our properties to foreign investors through our affiliation with Christie’s International Real Estate, says Greeff adding that Greeff Properties is affiliated to Christies agents in 40 countries around the world, with an agent network of 25 000 agents.

What was originally established as a refreshment station by the Dutch East India Company in 1652 at what was then called the Cape of Good Hope, has metamorphosised into the present day City of Cape Town. In the 17th Century, the primary impetus behind the Cape based settlement was the need for a vegetable garden and a hospital. The hospital was built on the site bounded by today’s Adderley, Wale, St. George’s and Longmarket Streets, and fresh produce was grown in what are now the Company Gardens. Gardens and the City Bowl remains home to a number of original Victorian buildings, including the The Mount Nelson Hotel, as well as a collection of charming and highly sought-after character homes. “Many of these Victorian townhouses still boast the original pressed ceilings, wooden floors and ornate decorative mouldings and sconces, and are particularly prized among property investors looking for homes with a story to tell,” says Mike Greeff, CEO of Greeff Properties, an exclusive Affiliate of Christie’s International Real Estate.