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Politics : Dutch Central Bank Sale Announcement Imminent? -- Ignore unavailable to you. Want to Upgrade?

To: The Wharf who wrote (23023)	4/20/2005 9:50:50 PM
From: sea_urchin	Read Replies (1) \| Respond to of 81498

Darleen > I had no idea you have the exact same problem there as we do here Even closer than you would think but the US is ahead of SA. Indeed now, with the strong rand and no other worthwhile investments in SA, property has been the obvious place to put that money. This is aggravated by foreigners, especially Europeans, who have bought sea-side properties, especially for retirement, which to them are still cheap but to SAns are now very expensive. Also Asians, both local and foreign, have been buying properties in most big cities, particularly in former whites-only areas, like there's no tomorrow. Furthermore, with the virtual closing of the offshore grey market in taxhavens for most Westerners, and the granting of an amnesty by the SAn government to those who, "unofficially", had funds overseas, many SAns repatriated their money. Billions of rands came back to the country. That's why, for all these various reasons, and as you see in the Economist article, SAn houses have had the biggest price rises in the world. And what is ironic is that, with the exception of ANC politicians, drug dealers, foreign criminals and a few businessmen, Africans have hardly participated in the boom. So much for the "new" South Africa.