Translated article by Andrew Ngozo | Global Max Media Group
Real estate in South Africa is hot property right now; in the literal sense. Investors investing in real estate are guaranteed of a tidy sum vis-à-vis return on investment. In recent years, the South African government has hinted that foreign ownership of land will be prohibited because the government would like to redistribute land in order to balance the injustices of the past.
However we live in an era where foreign direct investment is fundamental to an economy’s survival and South Africa is not immune to this global phenomenon. As a result, Chinese investors continue to flock to South Africa and buy or invest in property while empowering the communities in which they have settled.
A study conducted by Honita Cowaloosur of the Centre for Chinese Studies at the Stellenbosch University showed that Chinese real estate developers and investors are slowly gaining in Johannesburg and Cape Town, two South Africa’s major cities.
The study, titled: Chinese Presence in Real Estate in South Africa and Mauritius, shed some light on basic trends of Chinese ownership and development of luxury properties in South Africa. According to Cowaloosur, analysis of data sets of Chinese individuals owning properties in the Cape Town metropolitan area revealed that there are more Chinese individuals who own freehold properties as compared to the number owning sectional title properties.
“The first Chinese property purchase happened in 1991. It was the acquisition of a freehold property in the Table View area. It was only in 2003 that a proper first wave of a handful of property investors flowed in from China. They then concentrated on freehold properties in Parklands, Camps Bay, Loevenstein, and sectional title properties in Kenilworth and Vredekloof,” said Cowaloosur adding that these are some of Cape Town’s sought after real estate spots.
With an increasing interest in products of high taste and reflective of a certain kind of socio-economic status, Chinese individuals are taking interest in Cape Town, its coastal regions and its wine lands.
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