50 | FRANCE & SA


LETTER FROM Letter from France


France remains appealing to international investors for a plethora of reasons, not all of them strictly to do with the property market


rance is a large country, with diverse regions, and it is thus impossible to speak of the “French property market.” After Paris, the French Riviera (or “Côte d’Azur”) attracts the most attention, and justifi ably so.


F Between the Mediterranean and


the French Alps, this glorious area is famed for its beautiful seaside towns – Cannes, Nice, Monaco, Antibes, Beaulieu, as well as quaint nearby villages – Saint Paul, Mougins, Valbonne, Vence, Eze. Blessed with remarkable natural beauty and a benign year-round climate, the French Riviera continues to attract those seeking permanent relocation, second homes, or investment properties, whether villas or apartments. The market remains strong due to the very basics of supply and demand: • Supply is limited – with very little new building, and virtually none on the sea, due to restrictions of density and height, • Demand is worldwide – the


lure of the French Riviera has long resonated with aspirational


international families and continues to do so as more enter the global economy


The French Riviera is also an exuberant region for business: • Cannes especially attracts many


conventions and trade shows in addition to its world-renowned Film Festival • The “Silicon Valley of France”


has thrived here for 40 years at the Sophia Antipolis technology park, fostering innovation and entrepreneurship


• Nice-Côte d’Azur is the 2nd international airport in France, with fl ights to 100 destinations in 30 countries


Recognising the broad appeal of the


region, let’s now look more closely at the property market in general. • France did not suffer as did


other countries from irresponsible lending by banks against property. Its banking regulations require prudency and there are no repossessions overhanging the market. • Interest rates remain astonishingly low, and mortgages are available to


qualifi ed buyers for up to 80% of value • All property transactions in France pass through a State-appointed Notary, with clean and unencumbered title passed to a purchaser • Sharing of listings among estate


agents is rare, and a prospective buyer may waste precious time dealing with multiple agents, or miss a potentially ideal property • A Search Agent with local knowledge and professional networks can provide valuable guidance to buyers in fi nding property that meets their specifi cations and in understanding the complex legal, tax and fi nancing issues relating to investing outside of their home country. My Cannes-based company –


French Riviera Property Search - fi nds property to the client’s specifi cation and budget, arranges viewings, negotiates the price and can even construct the fi rst legal document in their best interests to ensure they buy in the most tax effi cient and legally profi cient way.


Jackie Pressman created the company French Riviera Property Search SARL. She has clients from all over the world who want a home on the French Riviera. Her business background is fi nancial and top-level corporate. Mobile: +33 698 12 89 00 Offi ce: +33 493 38 22 24 www.FrenchRivieraProperty- Search.com Jackie@FrenchRivieraProperty- Search.com


All our advice and guidance is in English, is tailor-made to personal circumstances and is free to buyers. Contact us to fi nd out more.


www.opp-connect.com | DEC 2012/JAN 2013


Letter from South Africa


South Africa’s property market has shown impressive resilience through the global downturn. Why? Andrew Golding has a few ideas on the matter


W


hile recent years have been beset by both global and local economic challenges,


the South African property market has proven and remains resilient, particularly when viewed from an international perspective. Despite the fact that the South African housing market experienced unprecedented growth over the past decade or more, residential property values have not declined as a result of the global downturn when compared with most other countries. Currently, sentiment has improved considerably and sales volumes are gradually increasing. Developers continue to demonstrate renewed confi dence in the market. There is a growing acceptance among sellers for the need to price properties realistically in line with current market conditions, and buyers of all ages – including a younger generation of aspiring home owners – are continuing to place their confi dence in solid, tangible real estate as a sound investment. In fact, some areas have appeared to be almost recession-proof,


such as Stellenbosch in the Cape Winelands and Clifton and Camps Bay in Cape Town.


Buyers who do not have access to funds for fi nance are compelled to rent homes, which in turn has boosted rental demand in some areas.


From a Pam Golding Properties (PGP) perspective, nationally we


“There is a growing acceptable for the need to price properties realistically”


continue to achieve sale success in the high end, luxury homes market, with top prices recently achieved including a number of homes in the R20 million to R35 million price range on Cape Town’s Atlantic Seaboard and southern suburbs, and in Johannesburg’s northern suburbs. However, we also continue to see the greatest number of sales in the R800 000 to R3 million bracket, with sales remaining steady in the R6 million to R12 million bracket.


Other trends which are playing an


ever-increasing role in the marketplace are: locations with access to good schools and educational facilities; areas with good infrastructure, roads and requiring less travel time or distance to the workplace; and a migration to locations which offer a better quality lifestyle and secure environment. We also note that the importance of green homes plays an increasingly signifi cant role in the residential real estate sector, becoming more important in the minds of consumers, while the technological advances continue to make this more cost effective. Sound buying opportunities across all price ranges and types of residential property are available in various regions around the country, and for investors taking a medium to long term view of the market this remains a good time to acquire property. Gated estates remain in demand as home buyers, taking note of the high cost of living, look to purchase properties that cost less to maintain and have good security. The demand for coastal property generally remains fairly fl at – however,


Dr Andrew Golding is the Chief Executive of the Pam Golding Property Group, which is based in South Africa. He specialises in South African real-estate. agolding@pamgolding.co.za +27 21 762 2617 www.pamgolding.co.za/


there are some areas where such properties continue to sell well, such as Cape Town’s Atlantic Seaboard and the KwaZulu-Natal north coast. Having said that, the limited availability of prime beachfront property enhances its value in countries around the globe and this is clearly evident here in South Africa.


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