Average selling prices for Cape Town’s luxury suburbs such as Constantia Upper and Bishopscourt have spiked to R26 million and R30 million, respectively, despite a broad market slowdown, says Francois Venter, Seeff’s lead agent for these areas.
 
These price spikes are particularly evident across “The Uppers” areas of the Southern Suburbs, which include Constantia Upper, Bishopscourt, Newlands, Claremont Upper, and Kenilworth Upper. 
 
Prices are up significantly for these suburbs. Sales data for the first quarter of this year shows that Bishopscourt property is selling for R30 million on average, almost three times the average from five years ago, which was around R11 million.
 
Constantia Upper is selling at an average price of R26 million, more than double compared to the R12 million average in 2020. The average for Kenilworth Upper stands at R18 million, almost three times the R5.6 million average in 2020.
 
Newlands is on R14 million, while Claremont Upper is on R11 million. This is basically double the R6 million average for these suburbs in 2020, says Venter.
 
This, despite 17% fewer buyers than last year and sales data indicating a broad market slowdown in these areas. Venter says that while economic factors are driving the wider slowdown, property listings have halved year-on-year, with low stock levels resulting in higher prices.
 
Propstats data show that 44 units were sold in the first quarter, compared with 74 at the same time last year. The combined value, however, is R860,190,000, only slightly lower than last year’s R866,798,565, driven by higher prices.

This has also resulted in the overall average selling price for these suburbs standing at R19 million, notably higher than last year’s R11.7 million, reflecting high averages across the respective suburbs.
 
Properties are also still selling faster. While Seeff’s sales are concluded within just 32 days, the market average is 41 days, and selling prices are just 2% below the asking prices.
 
Venter further says that these high average prices put “The Uppers” suburbs among the top luxury suburbs in the country. While the overall economic growth and interest rate outlook have weakened due to the ongoing Middle East War and recent interest rate hike, he says the outlook for these suburbs remains strong.
 
Currency shifts, global mobility, and international sentiment continue to influence pricing and demand in the luxury suburbs, he says further. Both local and international buyers, including semigration buyers, continue to pay a premium for the quality of life, access to top schools, amenities, and well-managed infrastructure and services.
 
This has translated into a rewarding market for sellers and investors while driving strong demand and confidence, but killed local property professionals have been key to the market success.

Seeff The Uppers, for example, concludes that around one in every three luxury property sales, on average, is in these areas. Our agents are deeply embedded in these niche markets, understanding and navigating the nuances and delivering market-leading, successful transactions for clients and investors, he says.
 
While selling one in three homes (34%), we also achieve a higher price per square metre through precision pricing, strategic positioning, and niche international reach. With a limited supply of stock, the area offers strong value retention, which appeals to long-term investors as buyers prioritise privacy, space, and lifestyle.
 
Venter highlights that Bishopscourt is a low-supply, but high-demand market, offering long-term value. With 40% market share, Venter says Seeff’s experience shows that while luxury home sales take time, a focus on qualified niche buyers proves more effective than open-market exposure, converting more exclusive mandates into sales.
 
Kenilworth Upper remains resilient and family-focused, with strong momentum supporting faster sales through accurate pricing and negotiation.

In Newlands, buyers act decisively when suitable homes appear, drawn by schools, location, and lifestyle, helping sellers achieve prices close to the asking price. Claremont Upper appeals to families, professionals and rental investors, with buyer overlap creating additional advantages for sellers in this market.
 
Generally, luxury areas such as these located in “The Uppers” tend to defy economic headwinds and interest rate fluctuations. The convergence of local and international demand on these prestigious pockets keeps the outlook resilient, reinforcing these suburbs as the premier choice for those seeking enduring value in the Cape Town property market.