Foreign property buyers cash in on weak rand
Foreigners are taking a new interest in South Africa as they seek to diversify assets away from conflict hotspots — and enjoy the southern hemisphere summer
Hard-currency investors are cashing in on the weaker rand, judging by the number of big-ticket housing sales made to foreigners in recent months.
In Cape Town alone, at least nine residential properties have changed hands at more than R50m apiece so far this year, most of them going to offshore buyers. That’s up from six R50m-plus sales for the whole of last year and only three in 2019, according to PropStats, the residential sales database of the Institute of Estate Agents of South Africa in the Western Cape...
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