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South Africa property boost 'good news for international market'

A real estate expert has said a surge in interest in South African houses suggests confidence is returning to the overseas property market.

Figures released by property website Rightmoveoverseas.co.uk indicate that recent months have seen a significant increase in searches for houses in the Rainbow Nation.

Robin Wilson, head of the overseas sector at the firm, said expatriate buyers may be attracted by the country’s spectacular scenery, good weather and widely spoken English.

Further reports indicating returning stabilisation came from the country’s First National Bank, which suggested that after steep falls in the first few months of this year prices were beginning to rise, as August saw an average increase of 1.8 per cent, compared to the previous month.

While the index is still in decline on a year-on-year basis, the rate has slowed from 8.5 per cent in July to 7.4 per cent deflation in August, it added.

ADNFCR-1788-ID-19362586-ADNFCR

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