Property Flash


April 17 2024 23:40

For Seeff Property Group

There is just something about Cape Town which continues to draw high net-worth buyers to the city’s property market. Notably, it is not just international buyers who are paying big bucks for Cape Town property, but increasingly more local buyers are prepared to pay R20m-plus for homes in the city.

In fact, foreign buyers still account for a fraction of home owners in SA.

More properties have sold above R20m in the first quarter of this year compared to the same period in 2023. Samuel Seeff, chairman of the Seeff Property Group believes Cape Town stands out as the strongest property market in the country. More buyers are now even prepared to pay R20m for a luxury home in surrounding areas such as Stellenbosch, Langebaan and Hermanus, he says.

Data from Propstats shows that for the first quarter of this year some 31 sales worth just under R890m have been concluded in Cape Town. This is up compared to the 26 sales each valued at R20m or more for the same period in 2023.

Clifton, Camps Bay and Constantia have been the areas with the highest number of R20m-plus sales since the start of the year. The highest prices paid include:

– R50.4m at the Waterfront sold to a local Cape buyer.

– R43m in Constantia, sold by Seeff to a French buyer who had been renting on the Atlantic Seaboard and wanted to move to the suburbs.

–  R43.m in Bishopscourt, sold to a local Cape buyer, and

–  R44m in Llandudno, also sold to a local Cape buyer.

Although most buyers have been local, there has been strong investment into Cape Town property by international buyers, mostly in Camps Bay with German and Swiss buyers.

The Cape Town Southern Suburbs also continue to see strong confidence in the property market with robust sales at the top end. Francois Venter, Seef’s luxury market specialist for Constantia and Bishopscourt said there has in fact been a dramatic increase in sales above R20m in Constantia in the first quarter of 2024, and Seeff has already concluded six sales compared with only one sale during the same period in 2023.

Buyers have been mostly local together with some international buyers from Germany and more buyers from the USA recently. International buyers are not too concerned with SA politics, but see the country as offering good value, complimented by scenic beauty, a good climate, attractive leisure offerings, and good infrastructure.

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