Where South Africans are buying offshore property
South African buyers have continued to demonstrate a strong appetite for overseas property investments in 2020, despite the impact of the coronavirus pandemic, with Portugal, Mauritius and Grenada being at the top of the list.
According to Dr Andrew Golding, chief executive of Cape Town-headquartered real estate broker Pam Golding Property, the biggest demand from South Africans is unequivocally still for Portugal, with the ultimate goal being EU citizenship.
“The EU residency programmes allow for a good hard currency investment coupled with the ability to acquire EU residency opportunities for your family, enabling dependents to cast their net further afield when considering studying or working in Europe,” he said.
During lockdown, there had also been a significant increase in enquiries from South Africans for property offering residency in Mauritius, which he attributed to a number of factors. These include an increased desire for security and health safety during uncertain times, the drop in the price entry level for residency from US$500,000 to US$375,000, ease of access, ease of transition due to familiarity, and an existing, large South African expat community.
Grenada, meanwhile, offered a path to US residency. “The US will always be a pull for those looking for a bigger and better lifestyle, and therefore the EB-5 Green Card programme will always be interesting for high net worth South Africans looking to participate in the biggest economy in the world,” said Golding.