A volatile economy, uncertain future and favorable exchange rate means South Africans are eager to invest in Canadian Real Estate. According to the Association of Foreign Investment in Real Estate (AFIRE), Canada placed 4th in most favorable countries for foreign investment, behind the US, Germany and the UK. But Canada is the one of the only countries where International Buyers, including South Africans, can still make a meaningful investment.
The more favorable exchange rate between the South African Rand (ZAR) and the Canadian Dollar (CAD) compared to other first world currencies makes Canada an affordable destination for international investment.
Janette and I have focused on international real estate for many years, but this year with the favorable exchange rate for international buyers, and the economic situation in South Africa, we decided to pursue our international interests further. In November, we moved to an international real estate leader: Sotheby’s International Realty. To kick off our international focus, we both spent a month in South Africa over December and January. We networked with the top real estate agents in the country, including Lew Geffen (The Franchise Owner of Sotheby’s International Realty in South Africa). Our efforts were well rewarded when we earned a full-page expose in the Business Daily. A nationally run business paper!
We are Greek, British, South African, Canadians, and we sell with an international company; we know how to speak to international buyers.
One of our primary benefits when listing a home is our ability to communicate with buyers. We are versed in their cultural norms, and we know how to assimilate their expectations with our market. It’s our job to help the two parties understand the cultural motivation of each party, so we can come to a mutual understanding and a successful sale. In South Africa, it’s common for homes to take months to sell, so we are usually met with shock when we explain to South Africans that homes in the Greater Toronto Area don’t last more than a fort night, and that they often sell for over asking.
