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A Guide to Buying Property in South Africa for Extra Income

Aug 28, 2008
Buying property in South Africa is an excellent way of generating income. Out of the popular foreign property markets, South Africa offers an exciting blend of beauty, culture, history, nature and environmental friendliness. The South African property market is versatile: you can own a house designed as a retirement home, a holiday home and/or a second home, or a permanent home.

South Africa is known for its diversity and there are eleven official languages spoken throughout the country. However English is the most commonly spoken language in business circles. South African cuisine is heavily meat-based and barbecues or 'braai' are a popular social gathering. South Africa is a warm and hospitable country, both in climate and friendliness - the community is keen on welcoming foreign nationals to their country. The country is home to a unique landscape: there are pristine beaches, dense forests, and beautiful mountains. South Africa is one of only seventeen countries in the worldwide to be considered Megadiverse - a group of countries that are home to the majority of the earth's species, which include lions, leopards, giraffes and elephants. As a result, more and more people want to settle in South Africa.

There are a number of reasons as to why buying property in South Africa as an investment is becoming so popular: South Africa has been a prominent tourist destination for many years. Because South Africa occupies the topmost position as a holiday destination, this has boosted the real estate industry; the next important point that deserves mention as a pivotal factor in buying property in South Africa is the affordability of the real estate options. For example: a 2 bedroom apartment with a carport and a shared pool is about 41,000; the strength of the GBP to the South African Rand is also helping to make the country a desirable location for an investment property; the economy of the country is the second strongest in the African continent. The fact that the economy of the country is strong and stable means one can expect good returns on investments made in real estate; there is no VAT to be paid on the property that is purchased in South Africa nor is there any stamp duty; people who own property in South Africa are not liable to pay any inheritance tax either. As a result, buyers reap in many benefits when they own an investment property.

South Africa faces a shortage of housing facilities, and as a result, the government has placed this problem on its high priority list. The growth potential of the real estate market is therefore high and the returns are good. The South African real estate developers are being given tax breaks of up to 20%, and another 20% tax break on rental property is available for renovation projects. As a result the property market in South Africa has outperformed the western world. .

There are a number of steps before a property sale is completed, for example: finding a property in an area you're happy with and actually looking at the property yourself; negotiating a price; signing a deed of sale - a deed of sale normally takes the form of a document titled 'Offer to Purchase'; a five-day cooling-off period; paying the deposit; opening a bank account in South Africa. There are several other steps that haven't been mentioned, and it is a wise investor who seeks professional advice to help them buy property in South Africa.

In conclusion, when buying property, South Africa not only offers a buoyant property investment market, but can offer property investors with year round summer temperatures, exciting wildlife and an affordable lifestyle.
About the Author
Lisa Craske wrote the Article 'A Guide to Buying Property in South Africa for Extra Income' and recommends you visit http://www.homesoverseas.co.uk/buying-property-in-south-africa for more information on buying property South Africa.
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