South Africa Property News

Western Cape house prices climb

Western Cape house prices climb
The average price of buying a home in South Africa's Western Cape province increased in the first quarter of the year, compared to the same period in 2011.

SA Commercial Prop News reported on figures published by the Institute of Estate Agents of South Africa, which revealed the cost of purchasing a property in the region now stands at R 2,039,978 (£155,529). This is up from the R 1,938,267 average value recorded a year earlier.
Speaking to the publication, general manager of the Western Cape branch of the organisation Dianne Brock explained there are indications of an upturn in the South African real estate market.
"It has been noticed that South Africa lags the USA housing market by nine to 12 months - so the pick-up now being experienced there should be a positive sign for us," she commented.

Earlier this month, an increasing trend of foreigners purchasing homes in South Africa was highlighted, with the Western Cape named by Biz-Community as one of the destinations being targeted by British, French and German buyers.