A versatile Cape Town Property market makes for a great second home investment
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Posted On :
Nov-13-2010
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Article Word Count :
541
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The Cape Town property market is an intriguing mix of historical architecture, mixed with modern town houses, multiunit apartment blocks, and beach villas. Its heritage architecture is a direct effect of its status as a halfway point between the only eastern overseas route between the Western Europe and the Orient until the advent of the Suez Canal. The Cape was colonized by the Dutch and then the British as you can see from the influences. Its most popular tourist destination is the glamorous V
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The Cape Town property market is an intriguing mix of historical architecture, mixed with modern town houses, multiunit apartment blocks, and beach villas. Its heritage architecture is a direct effect of its status as a halfway point between the only eastern overseas route between the Western Europe and the Orient until the advent of the Suez Canal. The Cape was colonized by the Dutch and then the British as you can see from the influences. Its most popular tourist destination is the glamorous V&A Waterfront Complex, which was built recently in the late 20th Century on what was once a Victorian wharf and an 18th century military setup, the Chayonnes Battery. Cape Town property is a wonderful mix of eras with contemporary bungalows nestling with all glass office complexes next to Georgian mosques and Moravian churches. Some of the various kinds of architectural styles that are prevalent here are
From its architecture it is quite clear that that you get in the Cape Town property market makes this city the continents least African metropolis. Since the 17th century when construction began here on the Castle of Good Hope, the cities main influencer has been European. What can be called a signature style is called the Cape Dutch here. Outside Cape Town in the wine lands examples of this type is prevalent in the quaint gabled and thatched manor houses.
When you decide to buy a Cape Town property you must remember that buying a home abroad is an important investment decision that you should only take after finding out all relevant information.
South Africa has a very good deed registration system, which allows you to own your Cape Town property individually, jointly, as an entity like a company, close corporation or trust.
Most Cape Town properties are sold as freeholds via an estate agent. The whole purchase process is straight forward but there are significant legal costs involved.
The bulk of the costs for which you will be responsible are transfer costs, which include things like conveyance fee, which can be upto 2% of purchase price. There is also a 5-8% transfer tax that varies according to the buyer’s legal status
If you are buying your Cape Town property to take advantage of the rental markets remember that South Africa levies several direct and indirect taxes like various capital taxes, income Tax, Value Added Tax, Customs Duty various capital taxes, and excise Duty.
Bureau de change, banks, and ATMs are there in tourist resorts and larger towns. The standard banking hours from Monday to Friday are 9-3 pm, while on Saturdays its 9-11am. All Major credit cards and traveler’s cheques are accepted in most places.
As a British national you will need a passport, with at least thirty day validity beyond the period of your intended stay. As a British citizen or a British overseas territories citizen you are allowed to stay up to 90 days without visa.
If you want to spend extend periods in your Cape Town property you might think of applying for residency. South Africa has several types of temporary permits and if you want to stay beyond that you can after fulfilling certain criterions apply for permanent residency status.
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Article Source :
http://www.articleseen.com/Article_A versatile Cape Town Property market makes for a great second home investment_41576.aspx
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Author Resource :
Find more information relating to cape town properties, and cape town property here.
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Keywords :
cape town property, cape town properties,
Category :
Business
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Business
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