Dar Es Salaam — South Africa's largest property group-Pam Golding Properties (PGP) will enter the East African market beginning early next year.

PGP chief executive officer Mr. Andrew Golding told Business Week from Cape Town, South Africa last week that the group had highlighted Tanzania, Uganda, Kenya, Senegal, Angola, Zambia, Lesotho, Morocco, Rwanda, Tunisia, the United Arab Emirates and the rest of Africa as important growth areas.

"The outlook for sales of buy-to-let homes in South Africa is bleak at present...that is why we remain focused on internationalisation," he said.

With over 30 years in market leadership having subsequently been appointed exclusive global marketers of the US$300 million Eden Island integrated resort development in the Seychelles, PGP has achieved 150 confirmed reservations which are currently in the process of being converted to sales.

The group has in excess of 280 offices in total, having launched over 50 offices during the past 12 months to date.The company also has 15 black owned empowerment offices successfully operating and located in various regions around South Africa, which are rapidly making inroads into the emerging market, and by the end of this year will see 20 black owned PGP franchise offices fully operational.

According to Golding, the group has also received interest from those wishing to launch PGP offices in Morocco, Rwanda and Tunisia and further a field in the United Arab Emirates.

"While foreign ownership of residential property in South Africa remains low overall at approximately one percent of the market's total turnover, the weakening of the rand has recently made the purchase of such property more appealing to overseas buyers and expatriates," said Mr. Golding.

The bulk of PGP's sales to foreign buyers are still to the UK market, France, Germany, America, Holland and Switzerland, among others.

PGP sales of residential property to foreign buyers currently represent only approximately 4% of total group turnover.