PROPERTY NEWS - If you are an international buyer and wondering about how you can approach property for sale in Knysna, then rest assured that the market is still open to you. The market was thrown into confusion last year when news emerged that there were plans to introduce a bill that would ban foreign ownership of land in South Africa.
However, Global Property Guide confirmed that the South African government had clarified the issue, saying that the ban would not apply to residential properties, only agricultural land. This came as a welcome bit of news, considering that South Africa's property market is one of the best investment opportunities for international buyers.
In 2017 alone, South Africa saw R9.7 billion worth of foreign investment, which helps boost the local property market, and the depreciation of the rand in recent years to the US dollar has made property in the country even more attractive.
Currently, only about 7% of land in South Africa is owned by foreign investors, while buyers from all over Africa are also showing increased interest, with the latter statistic being backed up by First National Bank.
According to the laws, foreigners can buy and own immovable property in South Africa without restriction, with non-nationals being subject to the same laws as nationals. This means that only illegal aliens are not allowed to own immovable property in South Africa.
If you are a foreign investor looking to buy property in South Africa, the best word of advice is to do business through a reputable estate agency.
"We only work with transferring attorneys who are reliable and well-known, so they will be able to advise the foreign buyers of any specific local regulations that they need to be aware of," said Wendy Williams, one of the Directors at Engel & Völkers Southern Africa.
