The South African residential property market is witnessing a significant surge in foreign investment, particularly from buyers without South African residency, according to a recent analysis by Lightstone.
This trend marks a notable shift, reflecting growing international confidence in the countrys real estate offerings.
Between 2019 and 2024, the proportion of foreign buyers without residency jumped from 2.9 to 3.7. While the figures for those with residency saw a modest decrease from 3.8 to 3.3, the overall landscape indicates a thriving interest from international investors especially for high-end properties.
In 2024, non-resident buyers made a substantial impact on the market, purchasing properties at an average price of just over R2.7 million. This figure is strikingly more than double the R1.2 million average paid by local buyers. It highlights the allure of South Africas property market amid advantageous global economic conditions.
The Western Cape has emerged as a prime destination for these foreign buyers, dominating the market with over 40 of all property transactions exceeding R10 million in 2024.