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Property Prices

South Africa - Property Prices

One of the most challenging aspects of moving to South Africa as an expat is finding out what you should be paying for real estate. Property sales are conducted through just a handful of real estate agencies. In addition, it can be difficult to get an accurate determination of any property values because prices can fluctuate a great deal (it is more difficult to find accurate pricing for more remote areas).

The largest growth in terms of property values is in Cape Town and Durban, though the other larger cities offer similar patterns. These locations have seen the most growth mainly because of an influx of foreign investors and expats. They also typically offer higher levels of employment and a better standard of living.

South Africa, like much of the world, has seen a decrease in property values over the last 12 to 24 months (as at 2010). In fact, some estimates state that the current rates are the lowest they have been in 23 years. Higher unemployment and less consumer spending has further decreased property values. On the other hand, South Africa has a strong rental market, which is particularly popular with foreign nationals moving into the cities. A fully furnished, two bedroom unit may cost about $500 to rent per month in one of the larger cities.

This is not to say that property here is necessarily cheap. Consider the following price points for some properties currently available in South Africa:

- An upmarket, larger four bedroom home on the beach with amenities such as pools and Jacuzzi, fully furnished priced at ZAR 2.2 million.

- A smaller home with a cottage feel and just one bedroom, with views of the sea, sold furnished, priced around ZAR 400,000.

- An upmarket secure flat with two bedrooms on the beach costing ZAR 800,000 to ZAR 850,000.

- New construction here ranges widely in terms of cost. However, a new property, with a distant view of the sea, a garden, automated garage, pool and with two bedrooms and two baths could cost ZAR 2.4 million.

As always, the best way to get accurate, up to date pricing is to work with a local real estate agent.

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