Wellington sees New Property Developments
TheMoveChannel.com, the leading international property portal, announces a number of Cape Town Property developments.
[UKPRwire, Tue Sep 23 2008] TheMoveChannel.com, the leading international property portal, announces a number of Cape Town Property developments:
- L Amandine (from £54,840, rent guarantee for 3 years, completion Sept 2009)
- Legend Golf and Safari Resort (from £495,000, 4 bed + villas, min 6% rent returns)
Properties in South Africa may not be an investment opportunity UK investors have considered in the past, so TheMoveChannel.com provides an overview of Cape Town and its culture.
Cape Town is the legislative capital of South Africa, where the National Parliament and many government offices are located.
Often regarded as one of the world's most beautiful cities, it is famous for its natural features, most notably Table Mountain and Cape Point, which attract countless tourists each year.
Riding on the back of an empowered middle class, house prices had been growing strongly since 2000. Offshore investments, after Apartheid, were re-invested mainly into property, while the emergence of historically low interest rates and an increase in disposable income has given the property market a much needed boost.
But now, after remarkable price increases between 2000 and 2007, the South Africa property price boom has stalled in the first quarter of 2008.
Global Property Guide report that apartments in Cape Town have relatively low rental yields at an average of 4.57%. The smaller flats, such as studio apartments, currently perform better and generate higher yields.
Apartment prices in Cape Town are much higher than rival city Johannesburg, starting at £73,119 for studio apartments, whereas a three-bedroom apartment in Cape Town costs just under £322,303.
Dan Johnson, Managing Director, comments:
“A place where foreigners can buy real estate and - unlike in neighbouring countries - this also includes farms and agricultural land. The buying process is incredibly well regulated and easy to follow and although the market has hesitated recently, Cape Town still has potential for property investment.”
For more information on South Africa Property in general please visit http://south-africa.themovechannel.com/
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Notes to editors:
TheMoveChannel.com is a property website that was founded in 1999 as an online resource for buying, selling and learning about property. It now receives as many as 300,000 visits per month and advertises over 50,000 properties in nearly 90 countries, which are listed by over 500 partner organisations.
For further information as well as images and interview possibilities, please contact:
0207 952 7650