Possible moratorium on foreigners buying or selling land in SA

[Carolinian Super Moderator Find all posts View Profile Close Carolinian]

Today's London Daily Telegraph is reporting that a South African government study panel is proposing a moratorium on foreigners either buying or selling land of any type in South Africa. The president is said to be in sympathy with this position, and it may be followed by a ban on foreigners buying land.

While this would not seem to impact timeshares organized as shareblocks as many of them are, it would likely impact those with deeded ownership.

[tonyg Goomba & Super Moderator Find all posts View Profile Close tonyg]

I would imagine such new legislation would incorporate some type of grandfathering clause, should those with deeded ownership be in a sudden panic. I'm sure you would still be able to give property back to the resort- if not there might be a legal out for paying fees.

[Carolinian Super Moderator Find all posts View Profile Close Carolinian]

There are over a hundred thousands Brits who own houses there, mostly in the Capetown area. I would not imagine that there would be a Zimbabwe (formerly Rhodesia) style land grab. They know that destroyed the Zimbabwean economy, and it would impact the more complex SA economy more immediately and severely.

It would appear that any restrictions on sale may be temporary, but restrictions on buying may be permanent.

[I-DE-HO Senior Member Find all posts View Profile Close I-DE-HO]

That would be a stupid decision by the SA gov't, IMHO. Supply would outstrip demand and prices would fall. Can you say a 'smaller tax base'?

Phil

[spiceycat Junior Member Find all posts View Profile Close spiceycat]

government can do stupid things...