City's Atlantic seaboard still hot in a cooling market
While there are fewer foreigners buying property in South Africa, there has been an increase in demand for property on Cape Town's Atlantic seaboard. On Friday, First National Bank released the findings of its estate agent survey for the second quarter of 2015.FNB said the drop was a result of a fairly "well-behaved" rand, leading to a "bout of house inflation of domestic homes in certain foreign currency-dominated terms". Residential property's global popularity as an asset had "cooled off " and the deterioration of domestic performance was a result of heightened social tensions.Ian Slot of Seeff Properties said he had not seen a "tapering off of foreign buying" or general demand on the Atlantic seaboard, one of the most popular areas for foreigners."On the contrary, foreign buying this year (January to end June) has exceeded last year's value. Last year about R1.1-billion worth of property was sold to foreign buyers. This year about R842-million has already been sold," Slot said...
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