European investment in cape town property stays steady

European investment in Cape Town has stayed steady over the last 12 months, according to one agent.

3 to 4 per cent of total sales have gone to buyers from the UK and Europe, according to Seef Atlantic Seaboard.

"Despite the economic challenges faced in the UK and Europe, it seems that they still find value in properties here," the firm's managing director Ian Slot told SA Commercial Prop News. The most popular places for property were the coastal suburbs of the Atlantic Seaboard, he added.

Brits make up almost of the quarter of the investors, with Germans close behind on 10 per cent. USA investors, on the other hand, only purchased 3 properties during the past year, accounting for about 3.26 per cent of international sales.

Interest from African buyers is on the up, representing 18.48 per cent of all overseas transactions.

"While foreigners continue to invest in property here, it needs to be borne in mind that just about as many foreign-owned properties are sold and there is thus usually a negligible net effect," added Slot.