Buying a house is an exciting endeavor. Buying a house in South Africa, though, might be the most exciting real estate adventure of your lifetime. There are plenty of different reasons that you might want to look into the real estate market in South Africa, and as a foreigner, you can explore the landscape as much as you want. After all, there are some wonderful places to rest your head, and the prices are really affordable. However, there are some things that you should know before you purchase your new South African home.
Should I Buy Property In South Africa?
In a lot of cases, there are homes that are extremely affordable to purchase in South Africa. Especially if your other option is to rent because large towns like Cape Town are actually quite expensive to pay monthly rent in. So, in this case, buying seems to wind up saving you money.
There are taxes that will be associated with buying a home in South Africa. If you are not planning to stay long, then you might wind up being stuck paying a capital gains tax. This can significantly reduce any profit that you might make by selling your South African property.
Where To Buy In Cape Town?
One of the most important factors to consider when you are looking where to buy property in Cape Town is the location. In some cases, you might have to give up some of the essential factors on your list, such as square footage in order to be in a better area of town. Additionally, there are a great many diverse and beautiful locations in Cape Town to choose from, which is what makes the region one of the best places to live in South Africa.
One of the best pieces of advice that we can give you regarding your security when purchasing a home in Cape Town, is to speak with the local residents about different areas of town, as they can generally help you find the best neighborhoods. You might decide that one part of town is better than another. However, the experience from the locals is going to be your best bet for ruling out which option is best for you. No matter what, we are sure that security is one of the most important factors for you in this decision.
The final consideration when deciding which area of Cape Town you might want to live in is the amenities in the surrounding community. If you have young children, then you might be interested in schools or parks. On the other hand, you might want to see shopping areas that are local for you to visit. Regardless, be sure to check out what will be available to you once you move in.
There are a lot of new properties for sale in the South Peninsula of Cape Town. The area is seeing a lot of development which is a bit of a risk, however, this is projected to be a huge area of growth with a booming industry of shopping and living amenities in the area. Average property prices in the Southern Peninsula have grown steadily from R1 100 000 in 2011 to about R2 100 000 today.
If you prefer to be in the middle of things, then you might be more comfortable situating yourself in the center of Cape Town. The centre of Cape Town sits on the tip of the Northern Cape Peninsula. The Bay surrounding this area is known as Table Bay and it has a gorgeous background surrounding the area. Property here is hard to get, with the average price of property in the CBD being R1 600 000 (this is down from the peak of R2 200 000 in 2018).
The background has a huge mountain that is named Table Mountain. Also surrounding this area are gorgeous natural cliffs called the Devil’s Peak and Lion’s Head Mountains. This area has made for a really huge real estate burst and buying property here will give you a gorgeous view each and every day.
The climate on any of the areas of the Peninsula will be fairly pleasant. Similar to a Mediterranean climate. There will be cool winters with some harsh cold fronts. The Atlantic Ocean will send large waves of cold wind through the area with some heavy rain and even some bad weather occasionally. However, there is so much to love about this place that these moderate winters are nothing to worry about.
Final Thoughts
Buying property in South Africa as a foreigner might seem a little bit overwhelming on first thought, and figuring out where to buy in Cape Town is not simple. However, these opportunities come with more benefits than they do risks. Not only do you get the gorgeous landscape that is simply incomparable to other equally pretty places around the world, but you get this stunning view and landscape at a price that is undeniably a deal. South Africa offers plenty of great schools, fun activities, and modern shopping and living. Cape Town, specifically, is one of the most sought-after living locations in all of South Africa.