Now is the time to take a closer look at luxury property for sale in South Africa
It is an understatement to say that 2020 did not quite turn out to be the year we expected it to be. The global pandemic has put a pause on almost all plans and has thrown many sectors into disarray – including the property market that seemed to be recovering in South Africa. Yet, the news is certainly not all doom and gloom. For those who were hoping to secure a dream home this year, it could yet be the perfect time to do this. Given the current circumstances and resulting market conditions, this could be the perfect time to look at luxury property for sale in South Africa.
Here are some of the top reasons why this is the ideal time to look at property for sale:
- You can find excellent deals right now
The South African property market was already moving slowly before the current global pandemic due to a number of conflating reasons. The pandemic has put the brakes on even further. Due to this, there are a number of homeowners who are itching to move their properties to free up their prospects. This leads to great, once-in-a-lifetime deals where buyers can find premium properties for sale at bargain prices.
- The interest rate is at its lowest in years
To support the local economy weakened by the extended lockdown, the South African government has lowered the repo rate by 100 points in March, and then again by another 100 points in April, effectively bringing the rate down to 4,25% – the lowest it has been in many years. This means finance is more affordable than ever, and buyers will pay less on monthly repayments.
- South Africa is still a top destination
With its stunning weather, breathtaking natural scenery, and world-class cities and industries, South Africa has always been a top draw internationally. Add to that a vibrant culture, a thriving culinary scene, and quality educational institutions, and you have the perfect destination for anybody and everybody.
In addition to the wonderful environment and friendly people, buyers are also treated to a wide variety of properties, so whatever type of property for sale you are looking for – from luxury inner-city apartments to private golf estate living and beachfront mansions – there is something for you.
- Favourable exchange rates
There are even more financial benefits for those buyers who are using foreign currency. The undervalued South African rand means that exchange rates are exceptionally favourable compared to most leading foreign currencies. This means that you can get that dream property for sale at an even better deal, considering the conversion.
Virtual house tours are the way of the future
The idea of buying a home under the current circumstances might seem strange or even challenging. International travel is not allowed, and only essential travelling and services are permitted within the South African borders. This is one of the main reasons why the property market has come to a standstill.
However, people are innovative and there are ways around this obstacle. While others might wait for the pandemic and resulting lockdown to pass, you should not miss out on bargain properties for sale. Many owners will be willing to do a virtual tour and discuss the features of their properties with potential buyers during this time, so that a deal can be made as soon as the lockdown restrictions are eased.
Let Fine & Country South Africa help you find the perfect property for sale
Start your search for the perfect luxury home with the help of Fine & Country South Africa. Our friendly agents possess very specialised knowledge about the local market, ensuring that they are the ideal partners to help you find the ultimate property for sale.