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Cape Town scoops highest property prices and over R21bn in transactions

06 Dec 2019

Cape Town topped R21.75 billion in transactions for the 12-month period to end November at an average transaction value of R2.2 million. The metro also scooped the highest prices paid for residential property in the country this year.

This five bedroom en-suite home in Constantia, Cape Town, offers a bar, verandah with koi pond, wine cellar and sweeping views. It is selling for R17.8 million - click here to view.

This is according to Ross Levin, managing director for Seeff Atlantic Seaboard and City Bowl, who says that comparatively, Pretoria metro reached around R17 billion (average of R1.2 million), Sandton R13.4 billion (average of R2.3 million), Johannesburg R13 billion (average of R1.483 million) and Durban R6.4 billion (average of just over R1 million).

The wealthy might not be buying as much as they used to, but Cape Town still tops their list of most desirable property, says Levin. Atlantic Seaboard and City Bowl sales amount to R4.3 billion including 30 of the highest prices paid.

This two bedroom apartment in Bantry Bay, Cape Town, has unobstructed views and outdoor entertainment areas. It is on the market for R13.995 million - click here to view.

The rental market has also performed exceptionally well despite the headwinds. Seeff has concluded rentals of up to R170 000 per month in Fresnaye, R130 000 at the Waterfront, R120 000 in Bantry Bay and R60 000 per month in Tamboerskloof in the City Bowl. Holiday rentals this summer is expected to reach R100 000 to R250 000 per night in Clifton.

This five bedroom, five bathroom home in Camps Bay, Cape Town, is within walking distance of the beach and amenities. It is selling for R20.995 million - click here to view.

Semigration buyers are back and Levin says sales are often delayed only by the slow sales cycles in Gauteng and other inland provinces. Foreign buyers too have invested over R500 million in property, with the highest demand from German, UK and US buyers.

Cape Town achieved about 50 high-value sales priced from R20 million to R60 million compared to just two in the upper end of Sandton in Johannesburg, and a highest price of R23 million.

This three bedroom, three bathroom home in Constantia, Cape Town, has a gourmet kitchen, patio with braai area, pool and manicured garden. It is selling for R15.995 million- click here to view.

“The highest prices paid include: R60 million in Fresnaye, R58.5 million in Bantry Bay, R47 million in Bishopscourt, R45 million in Clifton, R39 million in Higgovale, R36.5 million in Llandudno, R36 million in Camps Bay, R34 million in Constantia Upper and R32 million in Mouille Point. We are likely to see a few more high value sales over the summer,” says Levin.

Notable too, he says is that nine of the top ten suburbs in the country are now in Cape Town, up from seven about three years ago. These all now boast a median price of over R10 million and over R20 million for Clifton.

Only Sandhurst in Sandton, Johannesburg is included in the top 10 ranking:

The Southern Suburbs enjoyed an active year and is not just home to two of the top suburbs in the country, but offers a high concentration of top-performing schools which drives demand, says James Lewis, managing director for Seeff Southern Suburbs, Hout Bay and Llandudno.

This four bedroom, four bathroom home in Fresnaye, Cape Town, has a study, two private balconies and pool. It is on the market for R14.5 million - click here to view.

Total sales of almost R4.5 billion has been achieved, including six high-value properties ranging up to R34 million in Constantia and R47.5 million in Bishopscourt. Although the sub-R10 million price band dominated, the ‘Upper’ areas, such as Claremont and Kenilworth Upper, have attracted prices of up to R20 million (Claremont), while Newlands achieved eight sales above R10 million, and Rondebosch achieved a further six.

Lewis says the Southern Suburbs rental market has been a top-achieving sector this year. Student rentals and young professionals kept the sectional title rental agents busy, while upper-end family tenants paid R80 000 to R100 000 per month in top-end areas such as Constantia.

This four bedroom, four-and-a-half bathroom apartment in Clifton, Cape Town, offers open-plan living areas with private terrace and rim flow pool overlooking the beach, a cinema room and bar. It is on the market for R65 million - click here to view.

Crowning another year of top accolades, Cape Town was voted best city in the world for the seventh successive year by the UK’s Telegraph Newspaper. The Cape has lost none of its sparkle, he says. It is the second wealthiest city in the country and upper-end buyers will spend 100% to 200%, on average, more on real estate purchases on the Atlantic Seaboard compared to anywhere else.

As the premier tourist strip, Seeff expects another bumper holiday season with many visitors taking the opportunity to investigate real estate.

Samuel Seeff, chairman of the group says it is a great time to buy luxury real estate. The upside of the down market is that there are considerably higher levels of stock to choose from, while many sellers who were hesitant this year will now be ready to sell and will be coming to the party this summer.

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