19 September 2014
According to newly appointed Head of Sales Fine & Country International Realty Atlantic Seaboard Jean-Paul Tostée, property sales during the last twelve months have provided some very interesting statistics with just under 50% of properties being snapped up by foreigners, 80% of whom were British. Just over 30% of local buyers came from Johannesburg and 25% from Cape Town. He attributes this to the fact that Cape Town is the Number One destination to visit in the world as well as the favourable exchange rate for foreigners. He says, “In addition, they look at what they can get for their money here and what a visit costs here as opposed to other destinations. Other draw cards are the climate and the fact that they are on the same time line as Cape Town, making travelling easier.”
Jean-Paul, who will focus on residential and investment property adds, “Sales slowed down in winter as expected, but not hugely. With Cape Town being sought after not only by foreigners but by South Africans too, the Atlantic Seaboard has become the most desirable property in Africa. This year prices were achieved that have never been achieved before.
“On the local market, there is a growing trend for buyers from Johannesburg to buy a second home in Cape Town either for leisure time or with the view to “making that move” to Cape Town or at least spend more time here. The City of Gold can be a stressful place to live and more and more Johannesburg professionals favour the Cape Town lifestyle, with business owners being able to work remotely thanks to modern day technology.
“I am looking forward to the challenge of working and building a dynamic team in the highly competitive City Bowl & Atlantic Seaboard”, says Tostée
“The opportunity to join Fine & Country who are market leaders in the UK and to work closely with them is an exciting prospect with limitless scope. The close working relationship between Fine & Country SA and Fine & Country UK is a great selling tool and attracted me to the organisation.”
He adds, “My experience with Foxtons, the number one real estate company in London during the recession in Britain in 2007 to 2009 has stood me in good stead. Just before the much publicsized Lehman Brothers bankruptcy in 2008, I agreed seven deals in one month and was the top of our company leaderboard for the South London region. Two months later five of those deals fell through owing to the horrific market conditions in the recession and Lehman’s bankruptcy. Nothing could be worse than that experience. Facing a serious challenge such as that demands relentlessness, doing things differently and good solid ethics.”
With so many international visitors and people buying property, he regards the Atlantic Seaboard as the most exciting and buoyant market, particularly as Fine & Country International Realty is positioned in the upper quartile. They offer a strong value proposition with its many awards for property marketing and provides access to global markets through its London Showroom.
Two Fine & Country staff who started out at the Atlantic Seaboard and have branched out to Somerset West and Cannes agree on the importance of international connections.
Kelly Reifarth, sales director and licensee of Fine & Country Helderberg says, “Leading property professionals agree that more foreigners mainly British and German, are buying South African properties and that their interest is mainly in the Western Cape. The weak rand has also contributed, with international buyers paying cash for their properties. With our international connections we can assist foreigners in buying and selling properties here in the Western Cape or back in their home countries.”
Alice Watson-Smith from the Fine & Country office in Cannes adds, “Having worked on the Atlantic Seaboard I know how important the international market is to the Cape Town market and Fine & Country is well-positioned to serve the Atlantic Seaboard. Unfortunately, local buyers and sellers still tend to overlook what international companies can do for them.”
Linda Erasmus, CEO of Fine & Country International Realty sub-Saharan Africa, says, “I am very pleased to welcome Jean-Paul to our team. Business people who value expertise and a professional approach will appreciate the fact that he has lived and worked in the UK, Mauritius and South Africa in real estate, the hotel trade and the banking sector. Jean-Paul brings a wealth of experience to the Fine & Country brand.”
Hare & Ehrenberg Communication
P O Box 12521 MILL STREET 8010
ON BEHALF OF
Fine & Country International Realty SA
29 Autumn Street RIVONIA 2128
Please contact Rosemary Hare on +27 82 459 6226 or +27 21 438 7013 for more information.