More and more South Africans buying property in the UK and Australia

The UK government wants to close the economic gap between the country’s north and south by investing over £18 billion by 2030, according to a report by IP Global.

This has seen Manchester’s economy grow steadily, earning the city a reputation as the new digital and new-media hub that companies like Google and BBC have caught on to. The city can now brag that 65 companies, which list on the London Stock Exchange in the Top 100, have set up shop in Manchester.

This economic surge has resulted in a construction boom of residential units in the city. Current prices for property is 18 percent below peak reports IP Global.

London is still an expensive place when it comes to property but promises, as ever, a high return. The city is still wrestling with housing shortfall that is not meeting the demand.

Australia, on the other hand, is gaining benefits from Chinese investors. This has helped drive the Sydney residential market with a 13.1 percent annual growth. Sydney is currently one of the top three countries for Chinese investors.

Properties in Brisbane have seen an increased value of between 10 and 20 percent from last year. And similar growth has been experienced by Melbourne.

George Radford, Director for Africa at IP Global, advises that South African investors also look to other cities besides just London.

“Property investors in SA and Zimbabwe often have emotional or historical links to the UK or personal connections with family or friends who have moved to Australia. In years gone by the trend was to buy property in the UK, especially London, for personal use, but today more and more people understand the benefits of buying property in strong, stable cities as part of their long term investment plans.”