Following a relaxation of currency exchange
controls in South Africa, there has been a sharp rise in the number of wealthy locals looking to invest in overseas markets. In particular, buyers have been looking to take advantage of distressed opportunities in Spain and Florida, NewsTime reports.
Bill Rawson of Rawson Properties explained the situation to the news provider: "Four million Rand per person per annum is now allowed to be taken overseas. South Africans with a penchant for property want to capitalise on the current strength of the Rand are looking for overseas buying opportunities."
The expert added that investors must remember that they need to be cleared of any tax obligations and issues in South Africa before making any purchases abroad.
Meanwhile, Mr Rawson believes that "the UK, European and USA markets probably still have 12 to 18 months to go before they show real signs of recovery
, whereas in South Africa … the recovery will take place sooner and more forcibly."
- Tuesday 23 November 2010