South Africa- As a Safari nation
Located in the southern most part of the African continent, South Africa is a member of the Commonwealth of Nations. South Africa could easily be termed as an “ethnically diverse” democratic nation consisting of the largest white, Indian, as well as mixed communities. South Africa is also known as "The Rainbow Nation”, the term coined by Nelsen Mandela. South Africa is now all set to host some big sporting events, as the 2010 FIFA World Cup and Twenty20 World Championship in September 2007. It has some ancient, charming archaeological sites. South Africa’s position has declined based on the United Nations Human Development Index, as the AIDS dilemma has plagued it since the 1990s. South Africa is the only country with three capital cities: Cape Town is the legislative capital; Pretoria is the administrative capital; and Bloemfontein is the judicial capital. South Africa maintains a bicameral parliament.
Economic Condition of South Africa
In South Africa, the economic growth is mainly restricted around four areas, namely Cape Town, Port Elizabeth, Durban, and Pretoria/Johannesburg. Beyond these, growth and development is minimal and poverty still prevails despite government’s enormous efforts. Voids in income and a dual economy designate it as a developing country. The white South African minority is more prosperous than the rest of the population. A decade of relentless economic growth has helped to eradicate unemployment, but daunting economic problems still exist. Other major problems are crime, corruption, and HIV/AIDS. The Rand, most actively-traded emerging market currency, has bonded an elite club of fifteen currencies, the Continuous linked settlement (CLS), where forex transactions are settled immediately, lowering the risks of transacting across time zones. The South African rand emerged as the best-performing currency against the U. S. Dollar between 2002 and 2005, according to the Bloomberg Currency Scorecard.
Real Estate market in South Africa
In the last decade, South Africa has achieved remarkable success, including political stability and higher economic freedom. Research Worldwide.com report suggests that the real estate investments in South Africa showed a total return of 15.1% last year, outperforming sixteen other major countries across the globe. Low interest rates and a boom in the real estate market continues to encourage investors to feel exalted and spend more for buying houses, farms and commercial property for sale. South Africa also emerged as a force to be reckoned with for its position as an IT outsourcing destination. Real estate market is South Africa is slated to be more lucrative as the government has started taking some extreme steps to overhaul the preconceived image of this nation by taking it to the right growth track.
Process of striking a Real Estate deal
The significance of the Purchase and Sales Agreement is immense as it sets forth the sales price, time, date and place of the residential real estate closing, contingencies based on financing, as well as many other provisions. Before signing the Agreement, the buyer must contact a Rhode Island lawyer/attorney who is generally entrusted with the real estate law, residential real estate closings and title law. Any non-resident could avail upto 50% finance from South Africa Reserve bank only after maintaining an account there. All the deeds should be duly authorised by the higher authority.
Conclusion
As the South African real estate market now is in a great upward movement and is fetching huge profits, the property investors are finding it as an attractive alternative to other assets. Many investors are now turning to listed real estate agents for a better exposure to the bargain properties.
For further details, must go to these links-
www.real-estate-south-africa.com
http://www.ritztrade.com/south-africa-real-estate-property/property-market-evaluation/market-evaluation.php
http://www.terrapinn.com/2007/reiwza/
http://www.southafrica-travel.net/economy/e_immo.htm
http://ezinearticles.com/?The-Real-Estate-Market-in-South-Africa&id=346457