SA has been a favourite target for selling new property developments in other countries. But with a boom on here and other markets sinking, developers have turned the tables.

Cape agent Seeff went to Dublin, Ireland, last week to sell 69 units remaining in an 85-unit apartment project to be built on Cape Town's foreshore. Irish investors bought all 69 by Sunday at an average price of about R17,000/m², many buying more than one unit.

"Their attitude was that the SA market today is where the Irish market was eight to nine years ago," says Seeff director Ian Slot. "So they are expecting substantial capital gains." He says the costliest unit was R2,3m - peanuts compared with prices in Dublin.

Slot says Irish and other offshore investors are well briefed on what is happening in SA, particularly Cape Town.

Financial Mail