Foreign buyers of prime residential property have made a return to the South African market.
Looking at the international scenario while the global economic recovery remains on track, it is both fragile and uneven.
International launch of Sibaya Mega Property
Over the past 20 years, the tourism sector's contribution to South Africa's gross domestic product (GDP) has increased significantly with an average annual average real growth rate of 7.3 percent (Source Stats SA), creating jobs and generating valuable foreign currency.
Luxury homes in the R10 million and more category have led the way out of the residential property lean years, according to statistics collated by Pam Golding Properties (PGP) Western Cape.
Already at ground level, with all three floors of basement parking completed, construction work is progressing well on the prominent site of the new P-Grade (or AAA Grade) office and retail building, Pam Golding on Main in Kenilworth, Cape Town.
Construction is under way on the site of the new AAA-grade office and retail building, Pam Golding on Main, which is being developed in a prime, prominent location on the corner of Main and Summerley Roads in Kenilworth, Cape Town.
Home owners and residential property investors are likely to start making money again on their bricks-and-mortar assets this year after a six-year housing slump.
The most significant trend in the residential property market in 2013 has been the fairly rapid change from stock over-supply to stock shortages.
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