While foreign buyers in Sandton were historically most noticeable in the luxury market, recent sales suggest that more Southern African Development Community (SADC) nationals and buyers originally from central and West Africa are now buying in the R2.5 million to R5 million price brackets.
Charles Vining, Seeff’s MD in Sandton, says area like Bryanston, Lonehill, Fourways and Parkmore are particularly popular because they offer family homes on reasonably sized stands in this price range. These homes areas are also located in close proximity to top schools, which is of course another very important consideration to the expat or foreign buyer community.
“Foreign buyers in Sandton are often most interested in homes in estates or ‘compounds’, as they are often referred to, due to the much-publicised South African crime rates. Boomed-off roads are also highly desirable,” he says.
“Foreign buyers of late are mostly families where one or both of the parents are professionals, often in medical, legal or financial services and the children are school-going.”
Vining adds that proximity to both Sandton and major arterial routes is driving factors for sales in Bryanston, Lonehill, Fourways, Parkmore and surrounds.
“The majority of homes here are suitable for families and hold their values well, so it doubles as a good investment. Some of the best private schools in Johannesburg are also only a stone’s throw away,” he says.
“The British International School in Bryanston and the American School in Dainfern are big drawcards for those looking to keep their children in the type of schooling that they are accustomed to.”
Vining says while Parkhurst was also a popular choice amongst foreign buyers looking below R5 million in the past, it is more suitable for smaller families and those with younger children.
And while the Cape with its second-home luxury market and holiday-home market sees more investment from European and North American buyers than Sandton, Vining says they do occasionally conclude deals with Europeans and Americans.
“We have recently concluded high-value transactions with a European national who has business interests in the African continent and an American buyer who is involved in business in Johannesburg.”
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