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South Africa’s luxury residential property market has attracted further international interest with Forbes Global Properties launching operations in the country.The move comes as foreign buyers continue to wield outsized influence in the luxury market. Lightstone data shows that although overseas buyers accounted for only about 6% of all residential property transactions over the past decade, they purchased nearly 40% of homes sold for more than R20 million over the same period.Against this backdrop, the invitation-only luxury real estate network has appointed property entrepreneur Keegan Steyn to lead South Africa Forbes Global Properties, which will exclusively represent the brand in the country. Headquartered in Cape Town, the firm will market some of South Africa’s most prestigious properties, including Atlantic Seaboard residences, Winelands estates, private game reserve homes and luxury coastal retreats.Forbes Global Properties CEO Michael Jalbert said: “South Africa offers extraordinary lifestyle, architectural, and investment opportunities, and Keegan’s experience representing some of the country’s most notable transactions makes him uniquely positioned to lead our presence in this important market.”The group’s entry into the South African market gives it access to Forbes Global Properties’ international referral network across 35 countries and more than 600 locations, while giving its listings exposure to Forbes’ global audience of more than 167 million monthly digital users. Steyn said joining the Forbes Global Properties network would set a benchmark for South Africa’s luxury residential market by combining local expertise with international reach.“We are proud to define a new benchmark in South Africa. By combining deep local knowledge with the international reach of Forbes Global Properties, we are ensuring the country’s coveted homes are represented with the visibility, distinction and sophistication they deserve,” he said.The network will showcase South Africa’s finest homes to a global audience while bringing international buyers closer to one of the world’s most distinctive luxury property markets.Steyn said international buyers were increasingly drawn to South Africa’s luxury market for its blend of lifestyle, space, privacy and value, rather than viewing it simply as a lower-cost alternative to established markets.Business Day
