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Overseas Property News
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Expert urges South African property investments
Country: South Africa
27 March 2009 Property investors and bargain hunters are gathering to snap up South Africa properties at auction houses across the country, according to reports coming out of the Rainbow nation. Prospective property purchasers are filling the auction floors after being advised to take advantage of falling property prices, and the growing number of distressed sales, by picking up a potential property bargain now. Alliance Group CEO Rael Levitt said commented: “In the last downturn, banks couldn’t give away distressed properties and had to keep them on their books as properties in possession. Shrewd investors know that at the moment they can get high rentals, which offer a great investment while they wait for the market to rise.” Over 5,000 homes have been sold in South Africa by way of auction in the past six months. “House price deflation may start to bottom out late this year, and that means that currently there is no better time to pick up real estate at lows which have not been experienced in SA in decades,” Levitt added. “We are urging all potential investors to go to auctions to get an idea of the extent of bargains which are available. Now is the time to profit off the folly of the last five years’ boom.”
See Also: South Africa
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Type: House
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Price: ZAR 2,000,000
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