Wealthy buying up property in the UK

Xolile Bhengu

Xolile Bhengu

Wealthy South Africans are looking off-shore for property investments to diversify their property portfolios.

Ian Cohen, director of sales and marketing of City and Docklands - a UK developer, said local property investors were keen on acquiring buy-to-let properties in the UK, close to London.

Cohen said that in the past seven years the company had sold properties worth R1,5billion to South African investors who had great confidence in the UK market.

The company is in SA this week for a four city tour (Johannesburg, Pretoria, Durban and Cape Town) to launch its latest 160 unit Canary Gateway development, located in the UK's Canary Wharf.

The units which vary from £190000 to £450000 (R2,9million to R7million), marketed by Jawitz Properties and International Property Solutions, had 45 units reserved for sale by local investors.

Herschell Jawitz, chief executive of Jawitz Properties, said the company was increasingly getting enquiries from local investors for offshore opportunities and, for the first time, US developers were enquiring about local investor opportunities.