Fragile Rand likely to direct investors to Cape property
Category Property news
Fragile Rand likely to direct investors to Cape property
“Plummeting confidence in the rand and volatility in equities is likely to spur investors on to shifting their funds into property,” says Mike Greeff, CEO of Greeff Properties, an exclusive affiliate of Christie’s International Real Estate.
The appeal of real estate as an investment is manifold; right now, investors are running scared based on the sensitivity of investments such as currency and equities, which makes bricks and mortar a much safer place to put your money,” says Greeff. “A devalued rand makes new offshore investment almost impossible, but your rand will still give you value locally, and since property prices are not as sensitive as currency, it makes sense for investors to use real estate as a safe haven,” advises Greeff. He says that Cape based property in particular is likely not only to hold its value but to continue growing in value based on unrelenting demand. “There’s a shortage of stock in all areas of the Cape Peninsula, and this will ensure that selling prices keep rising.” Greeff adds that the rental market is set to grow exponentially given the shortage of available properties for sale, and the growing desire to reside in the Cape. He believes the current influx of holidaymakers from Gauteng will inevitably result in more Cape property sales and that “semigration” from other provinces to the Western Cape will continue. “Construction, development and expansion plans in and around Cape Town abound, visit www.futurecapetown.com to get a taste of how great investor confidence is in the Mother City,” says Greeff.
“As a boutique company specialising in Cape based properties, with an affiliation to 26 000 property professionals globally through our affiliation to the word’s largest real estate group, Christie’s International Real Estate, Greeff Properties is able to market luxury homes to a global database of high net-worth individuals, whose foreign currency is able to garner them bargain prices,” says Greeff.
“ The late Graham Beck, who was a friend and mentor to me predicted that the luxury real estate market would be like a bubble that just gets bigger and bigger, and we are in fact witnessing this in the top-end areas such as Bishopscourt, Constantia Upper and the Atlantic Seaboard where buyers are prepared to pay top prices for top properties,” says Greeff.
Author: Greeff Properties
