World Cup demand is hotting up - and many buyers are from overseas

The consensus of opinion among estate agents reporting at National level is that the turnaround in the property cycle is now a reality and that the 2010 World Cup is beginning to have a significant effect in the property sector, says Ivan Neethling, Chairman of the Western Cape branch of the Institute of Estate Agents.

“Estate agency chiefs from all regions are now reporting interest from foreign buyers. There is, I am told, a strong overseas contingent prepared to buy, not just rent, for the duration of the World Cup and longer.”

One Kwazulu Natal agent, said Neethling, had sold a R2 million home to a foreign buyer, and was now lining up other properties for this buyer and the his associates who are also keen to invest ahead of the 2010 World Cup.

“Foreign buyers are particularly interested in large homes in good suburbs where they could achieve a good return on the rentals during the World Cup.”

In the rental market, said Neethling, reports from Gauteng and Cape colleagues testify to good properties, with four to eight bedrooms, close to stadia, being able to charge R10 000 or more, per night for the World Cup period. Even owners of fairly humble homes, he said, are finding that they are being offered rentals of R750 per person per night.

Article from: www.startprop.co.za