South Africans snap up foreign property
An estate agent in South Africa has revealed that a growing number of people in the country are buying property abroad.
According to Pam Golding Properties, more and more affluent South Africans are looking at foreign markets such as France, reports Cape Argus.
This was said to be partly because of problems in the domestic housing market, as well as the relative weakness of its currency.
Simon Gibb, spokesperson for the group, commented: "There is a trend that when our rand is trading less favourably against the major currencies, South Africans look to move money offshore."
He stated that rural property in France is proving to be particularly popular, with many buying homes for both investment and lifestyle purposes.
This comes after Shelter Offshore praised the European country for offering lower living costs, which it said could make it a good destination for British expatriates.
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