Real Estate Investor Magazine South Africa October 2013 | Page 55

REI Offshore

Spain Will Grant Residency
To Investors

Retail Demand In Africa

Mickey Mouse To Make
New Home In Zimbabwe?

Spain is about to introduce legislation which
will grant automatic Spanish residency to nonEuropean Union citizens who invest €500 000
in property. While the period of residency
granted with the purchase of property is still
to be finalised, the final version of the new
bill is expected to be promulgated before the
end of this year (2013). The Schengen zone
currently comprises Spain, France, Germany,
Belgium, Austria, Finland, Greece, Estonia,
Denmark, Italy, Luxembourg, Malta, Hungary,
Iceland, Latvia, Lithuania, Czech Republic,
Portugal, Norway, The Netherlands, Sweden,
Switzerland, Poland, Slovenia, Liechtenstein
and Slovakia, with an EU passport, South
Africans will have access to all these countries
without Visa restrictions.

Sub-Saharan Africa has become the hub of
retail property activity, accounting for project
developments worth R30,6 billion under
construction and others set to break ground
before the year end. Rapid urbanisation in
response to population growth and sustained
economic expansion is boosting demand for
good quality retail property stock in Africa.

Zimbabwe plans to build “Disneyland in
Africa” at the world famous Victoria Falls
to boost tourism, according to new plans
unveiled by the Zimbabwean government.
Zimbabwe’s tourism and hospitality minister,
Walter Mzembi, outlined proposals to spend
R3 billion ($300m, £193m) on a massive resort
and entertainment complex near Victoria Falls.
The scheme would be a flagship for rebuilding
Zimbabwe’s tourism economy, which has
collapsed during the political instability of the
last decade. The idea for the development were
announced by Mr. Mzembi, on the sidelines
of the UN World Tourism Organisation
( U N W T O) g e n e r a l a s s e m b l y, w h i c h
Zimbabwe is co-hosting with the town of
Livingstone in neighbouring Zambia.

As SA’s commercial property market becomes
saturated, retailers are look ing to other
countries in Africa for expansion. Sub-Saharan
Africa is also attracting European retailers
struggling in their home markets. Growth
in the region is forecast at 5.6% this year,
faster than 3.3% globally, according to the
International Monetary Fund.

Valuable Input

Dr Andrew Golding,
CE,
Pam Golding

Andrew Rissik,
MD,
Sable FX

“Spain will join other
current appealing
destinations such as
Mauritius, Seychelles
and Portugal in offering
residency programmes
to foreigners acquiring
property at prices in
excess of €500 000.”

“Control your cash, from
holding it locally so it
can earn interest, then
the foreign exchange
and international
transfer to finally
landing it in your own
offshore account is
critical.”

www.reimag.co.za

Mike Smuts,
MD,
Smuts & Taylor
“The average London
property was worth a
record £438,000 in July,
up £13,000 in a month
and 9.7 per cent more
than a year previously,
data from the Office
for National Statistics
shows.”

Jenny Ellinas,
MD,
Cypriot Realty
“For South Africans,
investing in a property
in The Med has never
been as viable &
attractive as today.
There are numerous
lifestyle attractions.”

Sandy Kelly,
MD,
Time Projects
“Despite some views
that there is a “bubble”,
particularly in the
Gaborone New CBD,
most space completed
or under development is
taken. Secondary office
positions are suffering.”

October 2013 SA Real Estate Investor

53