South Africa: Cape Town's luxury homes market skyrockets with $50mln sales in Q1
Sales of luxury trophy homes priced over R20m surged to a record high for the first quarter of this year. These sales have been predominantly in the high-end suburbs of the Atlantic Seaboard and Southern Suburbs, according to the Seeff Property Group.
Propstats data shows a record 53 high value sales worth over R1.6bn in the first three months of this year. Half of this value comes from just 25 sales in the Atlantic Seaboard suburbs, the latest being a luxury 383m² apartment in The Aurum in Bantry Bay, sold for R65m by Seeff to a local buyer, says Ross Levin, licensee for Seeff Atlantic Seaboard.
Seeff concluded nine high value sales in the first quarter, and Levin says wealthy buyers are currently seeing Cape Town property as a good store of wealth. Properties are selling much faster with sole mandate properties averaging just five weeks on the market. Even older properties which have been on the market for a while are now selling.
Adrian Mauerberger and Bryan Ginsberg who sold the R65m apartment, say the majority of buyers are locals, but there is still a big semigration market. For sellers still contemplating, there is no better time than now due to a shortage of stock across all sectors and price ranges, say the agents.
The iconic location and lifestyle is drawing buyers from all over. We're seeing an influx of locals, as well as buyers from Gauteng, KZN, the UK and Germany especially who are investing here right now, mostly cash buyers.
Further sales include three homes in Camps Bay sold for R45m (local buyer), R21m (German buyer), and R33.75m (UK buyer, shared sale). Additionally, sales of R20m and R23m in Fresnaye (both local buyers), and at the Waterfront of R29.5m (local buyer), R33m (KZN buyer), and R29m (German buyer).
As a result of the high value sales at least eight of Cape Town's top 10 suburbs for wealthy buyers currently boast a luxury house price of over R20m, the remaining two being over R15m.
Here's a look at how Cape Town's luxury suburbs stack up in terms of average selling price for Q1 2025, according to Propstats and Seeff – with a comparison to what those prices looked like back in 2020:
Clifton – R42m vs R37m
Bishopscourt – R24.65m vs R15.84m
Camps Bay – R24.14m vs R13.18m
Llandudno – R23m vs R20.06m
Waterfront – R21.61m vs R11.2m
Bantry Bay – R21.58m vs R20.45m
Higgovale – R21.51m vs R22.51m (massive R85m sale)
Constantia – R21.07m vs R12.565m
Fresnaye – R17.4m vs R15.07m
Oranjezicht – R16.56m vs R9.97m
Seeff also made six high-value sales in the Southern Suburbs, mostly Bishopscourt and Constantia Upper. Francois Venter, lead agent for Seeff in the area says here too, agents are seeing a mix of new and old listings selling, with his team scooping six recent high-value sales. These include a vacant plot in Bishopscourt sold for R20.25m (local buyer), along with homes sold in Constantia for R42m (Polish buyer), R24.7m (German buyer), and three sales to local buyers at R36m, R31m and R20.5m respectively.
"We're seeing tremendous confidence in the property market right now," says Venter. "Cape Town is also the only city in the country that frequently ranks in top global city indices for tourism and property-value growth.
"With its scenic location between mountain and sea—every bit as beautiful as the French Riviera or Monaco—and its cosmopolitan lifestyle and top-quality real estate, the Atlantic Seaboard is the jewel of South Africa's property market," says Levin.
Venter says that Constantia and Bishopscourt likewise offer the allure of a picturesque setting with the mountain, lush greenery, and access to the nearby historic wine estates. Properties offer privacy, expansive gardens, and luxurious amenities such as tennis courts and swimming pools, and easy access to leading schools, combining country charm with urban accessibility.
All rights reserved. © 2022. Bizcommunity.com Provided by SyndiGate Media Inc. (Syndigate.info).
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