The FIFA 2010 World Cup is expected to inject as much as £1.5 billion into the South African economy, according to analysts. This will come as tourists and visitors from abroad fill the stadiums, restaurants and hotels of the country. It will also come about as a result of the investments in infrastructure that are taking place across the country to get ready for the finals.
The upgrading of infrastructure is very important to the property industry for both South African residents and foreigners seeking to invest in the country. Over the past 10 years, prices have increased by 351% and are expected to increase more in the coming years.
Lloyd Cornwall, Managing Director of Pin High Property in South Africa, says that “The upgrading of the infrastructure is also key to the property market and its longevity. South Africa has already made a name for itself in the global property market with huge increases on property in the last few years. However property here is still considerably undervalued and this continued investment in the lead up to the world cup is buoying the market once again. This is a market for short and long term investors and both can expect to see tremendous results. Getting into bricks and mortar before the World Cup would be my advice, as this mega event is a dynamic force that has the ability to transform this already burgeoning market, taking it to new levels.”
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