WEALTHY South Africans are increasingly investing in property outside of their country — and Zimbabwe, Dubai and Mauritius are emerging as top destinations.
So says Seeff Property Group, which notes that these three countries are seeing a surge in South African buyers looking for property.
According to Seeff, these countries offer attractive returns, lifestyle benefits and longterm security, drawing in both high-net-worth individuals (HNWIs) and expatriates. Zimbabwe is apparently not only an attractive market for millionaire South Africans, but also Zimbabwean expatriates working in South Africa and the UK.
Patience Patongamoyo, licensee for Seeff Zimbabwe, said the northern suburbs of Harare, the most expensive areas, see house prices ranging from US$300 000 to US$1 million. She noted that more affordable options in the eastern, southern, and western suburbs are also in demand, ranging from US$60 000 to US$250 000.
In addition to established areas, new developments like Dabuka Village in Ruwa, located about 24km from Harare’s central business district, also offer promising investment opportunities. Rental rates for modern apartments with four to five bedrooms in the northern suburbs range from US$1 000 to US$4 000 per month.
In other regions, monthly rents vary between US$500 and US$1 000. Patongamoyo noted that the local rental market offered attractive yields, making these properties valuable as both investments and future homes. She also highlighted that Seeff Zimbabwe now offered property management services to assist diaspora landlords in maintaining and optimising their investments. — Business Tech
