Fall in Demand for Property in South Africa from Overseas Investors.
A new report out this week from one of South Africa's largest banks, FNB, has shown that the number of overseas investors buying property in South Africa has fallen in the last quarter. The FNB Property Barometer has shown that just 3% of South African property sales came from overseas buyers, a considerable drop from the highs of 6 to 7% back in 2008.
John Loos, Chief Home Loans Property Strategist at FNB said the combination of factors had culminated in the juice level of interest in property in South Africa, most notably the deterioration in sentiment towards property is one of the leading asset classes globally.
Despite the downturn however, there is some bright news on the horizon, as the figure of 3% was an increase from the low just 2% back in late 2010. Loos went on to say that the overall opinion of foreign investors towards the South African property market remained positive.
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