European developers are pouring millions of rands into existing buildings in Cape Town - both residential and business - which are being revamped and renovated, increasing their value significantly.
According to Grant Butler, local manager for national mortgage originator Bond Choice, this has become the latest trend in foreign investment in property, and it it is gaining momentum.
"Spain is no longer the main attraction for tourists and businessmen from England, Ireland and Wales. Because of South Africa's increased exposure to the rest of the world, it has become a popular destination," said Butler.
"Cape Town is now being called the 'Spain of Africa' by more and more people who believe that as the rand weakens to a more realistic level, South Africa's attraction to overseas tourists will grow. Spain, despite its temperate climate and attractive coastlines, is relatively expensive and offers nothing that South Africa cannot offer."
Publisher: Sunday Tribune
Source: Sunday Tribune
European developers targeting Cape Town
Posted On Monday, 19 January 2004 02:00 Published by eProperty News
European developers are pouring millions of rands into existing buildings in Cape Town
Latest from eProperty News
- Love and property: a homebuying guide for couples
- From Civic Landmark to Collaborative Hub: A New Era for Muizenberg’s Post Office
- Growthpoint breaks ground on Tecoma Park, Cornubia, advancing its local logistics strategy
- Rosebank Mall adds Livo to its lifestyle line-up
- 166 sectional title units in the iconic Parktonian Hotel, located in the heart of Braamfontein, Johannesburg
eProperty News is a leading online commercial property marketplace serving the Southern African Investment, Office, Retail and Industrial property and allied sectors.