Property Investment Companies South Africa
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Whether you’re looking for an apartment in the city or a family home in the suburbs, the process of buying a house in South Africa is relatively straightforward as long as you have a large enough down payment.
There are no restrictions on expats buying real estate in South Africa, but you should have an idea of how the system differs from your home country and the fees involved. This guide includes advice on:
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Home ownership rates are relatively low in South Africa. According to the latest government figures, more than a third of residents own their own property.
A report by the Center for Affordable Housing Finance in Africa (CAHF) showed that South Africa has 6.7 million residential properties worth a total of R5.96 trillion. The most important area for housing stock is Cape Town.
The good news for people looking to buy property is that South Africa has a consistent resale market. Over the past decade, around 150,000 existing properties have been sold each year, with six in 10 bought with a mortgage.
Many people choose to rent a house when they first move to South Africa. Renting allows you to take some time to find your perfect neighborhood and develop your understanding of the South African real estate market and home buying process.
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There are approximately three million rental properties in South Africa. Renting is more expensive in major cities like Johannesburg and Cape Town, where there is more competition for real estate.
To get a rental property, you must pay four or six weeks’ rent in advance. You will also need to pay a reference fee and rental fee for making the lease (this may only reflect the actual costs incurred by the estate agent or landlord).
It is possible to rent a house informally, but you will be better protected if you rent through an estate agent and sign a formal tenancy agreement. The lease agreement should include the term of the agreement (often 12 months), detail who is responsible for utility payments, and clarify the conditions under which the owner or tenant can break the agreement.
Foreigners are free to buy property in South Africa without restrictions, provided they meet the visa requirements to live and work in the country. Expats with criminal records are not allowed to buy property.
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As in other countries, you need to provide certain documents to buy a house in South Africa. This includes a valid passport, proof of your address, your most recent bank statements and pay checks from your employer. If you are buying a property with a mortgage, you need a certificate from the South African Reserve Bank (SARB) to confirm that you are eligible for finance. As an expat, you will likely need a large down payment before a mortgage lender will offer you a loan, more on this later.
If you are buying property outside of South Africa, you need to have your documents notarized or signed at the South African Embassy.
Like other countries, South Africa’s real estate market has faced several challenges in recent years, from the impact of the COVID-19 pandemic to rising inflation.
Data from First National Bank (FNB) shows that house prices in South Africa rose by 4.2% in 2021, after a 2.5% increase in 2020. There is no official house price index in South Africa, but FNB publishes the latest house price data. on a monthly basis. Properties tend to sell within eight weeks of being listed, although this varies from area to area.
South Africa boasts a great range of real estate for buyers, no matter what market you’re looking to buy. CAHF divides the property market into five sections as follows:
These categories provide a general guide to house prices in South Africa, but the amount you pay can vary greatly depending on where you buy a house.
As well as house prices, it’s worth considering the cost of living in South Africa when choosing a place. Numbeo data shows that Johannesburg, Pretoria, Cape Town and Durban are the most expensive cities in South Africa.
About four million people live in Cape Town, and the city is one of the most beautiful (and expensive) places in South Africa.
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The most popular locations for single-family homes are the suburbs. South of the city centre, Konstanz, Tokaj and Bishopskur are some of the wealthier areas for expats, with large family homes and highly rated schools. West of the city, the neighborhoods of Bloubergstrand, Milnerton and Tableview offer more affordable family properties.
The most expensive real estate is in Camps Bay, west of Cape Town. The estate agency Seff said that prices in Camps Bay increased by 131% between 2010 and 2021. Real estate was sold for an average of 14.2 million rubles in the first 10 months of 2021.
Johannesburg is the economic center of South Africa and has a younger demographic than other cities in the country.
The most desirable properties in Johannesburg are often located in upscale gated communities with amenities such as gyms and restaurants.
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Many expats live in Fourways, a family-friendly suburb of Sandton, an area north of the city center that is home to some of South Africa’s largest multinational companies. Towards the north east, the Midlands are also popular with foreign buyers.
There are some additional costs to consider when buying a home in South Africa. These include the following:
Transfer duty applies to all property purchases above R1 million. The rate you pay depends on the value of the property you buy and must be paid within six months from the date of purchase. In case of late payment, interest is calculated at 10% per year for each month not paid.
The South African Revenue Service publishes the latest transfer duty rates on their website. In 2022, the rates are as follows:
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First, the bond registration fee covers the costs of registering your mortgage. This is paid to the bond register designated by the bank where you mortgage.
Next, the conveyancing solicitor’s fee covers the costs of transferring ownership of the property. This is paid to the conveyancing solicitor appointed by the seller.
Both of these fees are on a sliding scale based on the value of the home you purchase. The mortgage comparison site Ooba provides a calculator that can give you an estimate of the costs you could incur.
In addition to these fees, you may pay a small fee to cover the processing of your documents. The exact amount
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