Property for sale | RE/MAX™ of Southern Africa (2024)

FAQs

Can a US citizen buy property in South Africa? ›

Foreigners are free to buy property in South Africa without restrictions, subject to meeting the visa requirements to live and work in the country. Expats with a criminal record are not permitted to buy property. As in other countries, you must provide a range of documents to buy a home in South Africa.

You Can Capitalise on Relatively Low Interest Rates

As of April 2024, interest rates were still at 11,75%, where they were a year ago. However, this still sits below the average of 13% - 15,5%. This means now's a good time to invest in property before the interest rates increase.

The most recent data shows that the average house price for Q4 2022 was R1 422 992. The latest Rode's Report on the South African Property Markets for 2023 showed that prices grew by 2.5% in the first two months of the year, versus 4.2% growth in 2022.

Living in South Africa is more affordable than in many other countries, with living costs and rent typically 50% or more cheaper than in most countries. Of course, it depends on where you live, your family size, and your standard of living.

Article summary. Property remains a safe and reliable investment as pent-up demand is unleashed in the wake of the lockdowns. Interest rates are still relatively low despite recent rate hikes, and we're still in a buyer's market. Healthy competition between banks ensures a high chance of home loan approval.

South Africa's severe housing crisis can be partly attributed to rapid urbanization. In 2022, more than 65% of the country's population resided in urban areas. The population of Johannesburg, South Africa's most densely populated city, has surged by nearly 30% since 2011.

In South Africa, it is almost always more cost effective to buy a home than build one from the ground up. This is according to Lew Geffen, chairman of Lew Geffen Sotheby's International Realty, who says if your home was destroyed rebuilding it would actually cost more than buying a new one.

The prices for the cheapest newly built housing in two African countries, Sudan and Tanzania, exceeded 70,000 U.S. dollars in 2023. In the Seychelles, the price of the most affordable housing was about 52,507 U.S. dollars. Nigeria, Kenya, Malawi, and Mozambique all had house prices under 10,000 U.S. dollars.

The government owns 14% of the land. Private land makes up 79% but are all located in previous white areas. 7% are unaccounted extent - not sure what that means.

What is an ideal salary in South Africa? If you want to live comfortably in South Africa, according to Numbeo, a family of four would need just over R36 000 per month, excluding rent. And, a single person in South Africa would need just over R10 000 excluding rent per month.

How much does it cost to build a 3 bedroom house in South Africa? ›

Building your own house in South Africa can be a daunting task. It does allow you the chance to create your dream. The costs range from R7 000 to R15 000 per square metre. The average cost for a typical 3-bedroom 146 square metre home is around 1.5 million rands.

A Stable Market: South Africa's property market is considered the most stable on the continent, making this physical asset a much safer investment. In short, you don't have to worry about your investment suddenly losing value.

How can I move to South Africa from the U.S.? First, you need to be eligible for a visa that allows you to go there for work, study, volunteering, retirement, or business. Then you apply for your visa and pay the applicable fees. After about 5 years of working in the country, you can seek a permanent residence visa.

The purchase and sale of property in South Africa is governed in terms of common law. In terms of our common law any person with full legal capacity may enter into contracts unhindered. There are no restrictions for foreigners purchasing property in South Africa, save for illegal foreigners purchasing property.

Non-residents can purchase property remotely, although they will need to ensure that all legal requirements are met. Regarding visas or permits, owning property in South Africa does not automatically entitle you to a residency visa or permit.

With few exceptions, most African countries don't allow foreigners to own land. This includes all 11 countries on the continent that are listed in the World Bank's 'do-not-buy' list. With this in mind, the best place to find land to buy in Africa? Outside of the 'do-not-buy' countries.