South Africans Want to Invest More in Property - 07-14-09

July 14 - South Africans see property investment as one of the best ways to save for their future long term, according to the results of a recent survey.

Middle and upper income earners in the country were shown to be extra cautious about their spending habits, and the survey results highlighted their intentions to save even more in the next six months at least, as a precaution against growing economic uncertainty.

According to the survey, 43 percent of the 600 South Africans interviewed during March and April this year said that they would cut back on their spending habits.

47 percent of the same group said that their intention was to save more money than usual in the next half a year at least.

"Since we are in a buyer's market, South Africans who can afford it will be looking to invest in property," said the Consumer Business Industry Leader at Deloitte South Africa, Rodger George.

George said that property was viewed by many South Africans as a reliable form of long term savings and that in light of the fact that there were more sellers than buyers on the market right now, bargains were being snapped up.

The survey investigated the spending and saving habits of 9211 consumers from around the world, including Hong Kong, Australia, Egypt and China - 21 markets in all.