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Friday Aug 31, 2012

Western Cape attracts more property buyers

The Western Cape is the most attractive province to home owners buying property to relocate, the FNB home loans property barometer revealed on Wednesday.

The province also fared well in retaining people already living there.

It had the lowest proportion of home owners buying property elsewhere to relocate, followed by Gauteng.

The barometer used information from the FNB estate agent survey, and deeds office data.

FNB economist John Loos said Cape Town suffered a residential market mediocrity, but presented better long-term confidence in the property market.

The smaller provinces had the highest number of home owners who bought houses outside provincial borders in order to relocate.

The largest proportion was in Mpumalanga, followed by the Northern Cape.

This reflected a lack of economic opportunity in these provinces, Loos said.



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