Hi
Anyone here own property in South Africa? I've just started doing some research into buying overseas… Can anyone point me in the right direction or where to start or some good reading material? I've read that in SA banks will only loan up to 50% to a foreigner. Do aussie banks do overseas deals now a days? Anyone recommend a good bank to talk to? Any help is appreciated, as i'm keen to learn more about expanding my investing to overseas!
Thanks
MichaelHi Michael
I'm an ex-pad now living in Auckland. I would strongly recommend not investing in South Africa. I know that property seem extremely affordable there but the economy is not stable and with land claims on the rise I just needed to warn you. Everybody knows what happened in Zim – and that wasn't a pretty site…
Hi Michael,
I do not agree with Madeye, I chose to stay in SA and not to run away. Things are not as bad as sometimes reported. Although inflation and interrest rates are on the up, so is the economy. Yes the election in Zim has had a negative effect on the rand, that means property is even cheaper for offshore investors. Property prices are dropping because of higher interrestrates, once again the perfect time for a cash flow positive investor to purchase. I'd maybe hang on until the next interrest rate hike to negotiate even better house prices!
Once the Zim election trouble has been sorted out the rand will return to normal and you will already be in the money!!
Hope this sheds more light.
Can some one please advise me which Australian lender I can approach for finance to investment property in overseas?
Regards
SharifHi Michael
In a nutshell…..Do aussie banks do overseas deals now a days – NO.
Certainly not from here. Their overseas counterpart may do but as far as I am aware non of the Australian Banks have a branch network in SA.
Richard Taylor | Australia's leading private lender
I dont know about you but who wants to invest in a country thats just had a serious outbreak of Xeanophobic attacks that have left 50+ dead in their wake and many fleeing for the boarder. I suggest South Africa have the World cup taken away from them because amidst their cry of being a rainbow nation they not only voted Zuma into power as the head of the most popular and ruling political party. Not to say Zuma is a bad man, since his election the Rand has spiralled double what the Zimbabwean Dollar did in its demise. Apparently Zuma sparked these attacks by promising to get 'rid' of the foreigners once he is in power. Who knows he may decide to go the Mugabe route and repossess everything too. Mbeki is in hiding half the time after he came under fire for supporting the tyrrant next door. The Rand is officially trading at 1:8 with the US nad steadily spiralling. Maybe Zuma can save that by taking a quick shower just as he did to protect himself after raping an HIV positive young lady. Violence ans crime seemd to be on a rise. What else should I dare to ask.
After all that if you are still deciding to invest in South Africa. Go ahead. You wont find me there just yet. I'm afraid of getting linched for being a foreigner.
I'll sit this round out. Not saying the country is not beautiful but the underlying factors have much to be desired of.My friend at work moved here from South Africa.
Do you want to buy his small game farm? You will get it very cheap as he is doing it tough financially.
If you are interested his email is: [email protected]
Zim needs more than the election result sorted out. The country is a basket case.
Don't kmow much about SA excepts that there appears to be more bad news rather than god emanating ouuta there.
I'm not up to scratch with expats & the amount of cash that you can take outta SA but believe that there are limits SOOooo why pour money into an investment property that you may well never be able to withdraw your hard earned readiews from???Guys/Gals look around the World, there's gotta be more stable economies with great deals simply to be found.
Am off to Slovakia, Hungary & the Czech Republic for 2 months. Will report on what I uncover there.callmeLes
Well mate, i live in SA now (moved this year) and its not all that bad. I wouldn't take advice from people who have never visited a country. I dont feel qualified to comment on exchange rates etc. but i know a lot of people making some serious money here and your right, the entry costs are comparitively low.
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