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Whether you already live in South Africa or would like to immigrate there, the topic of real estate is, without question, of great interest. How easy is it to rent an apartment or a house locally? Is it worth investing in South African real estate? And can Germans in Cape Town or South Africa secure real estate financing in South Africa? We have compiled the most important information for you.
Real estate is regarded globally as a good, but also risky capital investment. If you want to take advantage of a real estate market that is still growing, South Africa is a good place to go. There are interesting properties in all price and investment classes. You will find expensive million-dollar villas in well-known towns such as Camps Bay in Cape Town and interesting properties to buy in lesser known suburbs of Johannesburg or Durban. Germans in Cape Town for example, prefer areas like Oranjezicht, Tamboerskloof or Camps Bay.
Very expensive properties only have limited worth as an investment. This is due to the fact that the prices are mostly at the upper limit, and it is difficult to sell such houses or apartments at a profit later. Alternative options are residential units in developed suburbs of Cape Town or Johannesburg. These are well-suited for use as rental properties. They are affordable to buy, bring a regular income and are often located in regions where an increase in property prices is expected in the coming years. In order to be able to make a calculated purchase decision here, it is worth working with a German-speaking real estate agent on site. By the way, the real estate market also offers German-language jobs for immigrants.
It is advisable to search for a rental property through well-known rental agencies. In an emergency, legal disputes can quickly arise with a private landlord. As a German immigrant in South Africa, you usually have to submit the following documents to an agency in order to ensure that you can cover the rent:
If these documents are not available in their entirety, finding accommodation can prove to be a challenge. It is therefore advisable to have secured accommodation for at least three months at the time of entry.
The process of real estate financing in South Africa does not differ noticeably from the procedure in Germany. Nonetheless, foreigners are particularly scrutinised. A permanent residence in South Africa for several years and a stable income are a basic requirement for many banks. In addition, the usual factors come to bear - such as the amount of income, possible equity and the purchase price of the property.