Yes. Even if you do not plan to live in South Africa, (in fact some of our clients buy off-plan from overseas and never actually see their purchase,) you can buy property or land in South Africa. As a non-resident, you are also entitled to apply for a mortgage of up to 50% of the value of the property.
Recent speculation about possible legal changes, restricting foreign ownership, are not new news, and there may well be some type of change in the law in the future. Most countries around the world have some sort of restriction on foreign ownership of property or land, and SA is currently one of only 10 countries worldwide which does not. No-one knows what it will be or when it could happen, but at the moment these rumours have no real foundation.
What costs do I have to pay when purchasing a property in South Africa?
The biggest cost to you, as the buyer, will be a government tax called Transfer Duty which applies to all purchases over 500,000 ZAR plus conveyancing costs, transfer fees, pro-rata rates, deeds office levies and any costs associated with acquiring a rates clearance certificate. The costs of a conveyancer are fixed and calculated on a sliding scale. It is the seller who appoints the conveyancer, but the purchaser who pays. This cost is subject to VAT.
If you opt to take out a bond (mortgage) then you will also need to pay an initiation fee, valuation fee, administration fee and a registration fee.