Ross Levin
A luxury apartment in The Breakers (Mouille Point) sold by Seeff for R27.625m
Last year was a particularly good year for the Cape Town Metro, which ended with record international tourist arrivals, according to Tourism Cape Town. The City was named “Best City in the World for Food” (Condé Nast Traveller), and “Best City in the World” (Time Out).
According to the Seeff Property Group, it was also a good year for the property market. A record of over 144 properties sold for over R20 million, worth a combined R4.4 billion. At least 14 of these topped the R50 million price mark, including a R66 million villa in Fresnaye, sold by Seeff in December.
Seeff alone sold about 24 properties over R20 million, including four shared sales across the Atlantic Seaboard and Southern Suburbs. The highest volume of R20 million-plus sales on the Atlantic Seaboard was in Camps Bay, where Seeff sold at least eight such properties, according to Ross Levin, a licensee for Seeff Atlantic Seaboard. It’s not just the traditional areas such as Clifton and Camps Bay, where properties are selling for over R20 million, but areas such as Mouille Point and Sea Point.
Lightstone data shows property transactions for the Cape Town Metro amount to about 39,437 units worth almost R82.3 billion for the 2024 year at an average price of R2.08 million versus R1.4 million in 2020, thus price growth of 48% in just under five years. StatsSA data indicate that the price growth was around 5%-7% last year.
Comparatively, Lightstone data shows that the average transaction price for Johannesburg stands at R1.36 million, Tshwane/Pretoria at R1.35 million, and Durban at R1.42 million.
At least 21 Cape neighbourhoods boasted at least 10 sales over R10 million, including those located in Somerset West (Erinvale), and Stellenbosch (De Zalze and Mostertsdrift), as well as George (Fancourt) on the Garden Route.
At least 15 Cape Town suburbs boast sales of over R20 million. The growth in high-value sales has been notable since 2020.
The Atlantic Seaboard boasts the highest number of suburbs with high-value sales, including Clifton, Camps Bay, Bantry Bay, Fresnaye, Llandudno, Mouille Point and The Waterfront on the Atlantic Seaboard as well as Tamboerskloof, Oranjezicht and Higgovale in the City Bowl.
Levin says that sales boomed over the summer, with Seeff achieving a record sales month in December of R214.4 million for the Atlantic Seaboard and City Bowl areas.
After a short lull over the festive season, Levin says the market is off to a flying start for the year. Seeff is busy with several high-value deals, expecting a massive closing in February with tremendous interest in properties over R40 million again, and busy with deals in the R100 million-plus range.
Notably, these are primarily international buyers already in the country and undeterred by the American rhetoric directed at SA as they know the country well and are confident about investing more in Cape Town property.
Constantia and Bishopscourt in Cape Town’s Southern Suburbs have seen some of the highest volume of R20 million-plus sales last year, with over 45 recorded on Propstats. Seeff has sold at least 13 of these, according to Francois Venter, lead agent for Seeff, who says demand has been particularly buoyant above R10 million in the upper end of the market.
High-value buyers over R20 million have been predominantly local Cape buyers who continue showing their confidence in the metro by investing in property. Still, buyers from Gauteng and KZN are also investing in property in the City. Additionally, international buyers from the UK, Germany, and northern European countries bought the property in the city last year, along with many other international buyers, including the UAE, Saudi Arabia, Australia, Russia, Mauritius, Zambia, and Zimbabwe.
The Cape property market has been rewarding for buyers and sellers alike. Samuel Seeff, the Seeff Property Group chairman, believes the Cape will again emerge as the most substantial market this year. Aside from locals, the continued influx of semigration and international buyers will continue to support the market. Stock shortages across most areas present excellent opportunities for sellers to capitalise on the current market.