World Cup Gives South Africa Short Term Boost; Real Estate Experts Hopeful for Long Term - 24 November 2009

Real estate transactions in South Africa have gone up 40 percent in the last two months, according to Property Abroad magazine.

The country’s rise in popularity can be attributed to its hosting the FIFA World Cup in June 2010, experts say. More than 350,000 football enthusiasts are expected to flock to the country for the event, contributing £1.5 billion to South Africa’s gross domestic product.

But another sport is steadily luring European investors to South Africa. In recent years, more and more Brits are trading gloomy winter skies for sunny holidays at one of the South Africa’s 138 international-standard golf courses, like the Gary Player Country Club in Sun City, where the Nedbank Golf Challenge offers the largest payout of any tournament in the world. Other popular courses include Leopard Creek in Kruger National Park and Fancourt in the Southern Cape.

Real estate experts also say that since the recession has halted, interested investors should be looking long term, not just short term. Government improvements to be made to the country before the World Cup and the media attention garnered during the games will surely increase demand in already frequented areas like Cape Town and help the image of once-plighted areas like Johannesburg. Urban regions surrounding the country’s largest city are currently in high demand, experts say, with international corporations making it their African hub.

Earlier this month, South Africa was also in the media spotlight for making Home Overseas’ top ten investment properties for 2010.

Article from: www.buyassociation.co.uk