Seeff reports that Cape Town’s luxury property sales are outpacing Johannesburg and Sandton
Cape Town sellers, you may be pleased by this encouraging statistic from the South African Deeds Office: Cape Town luxury property sales have overtaken sales in Johannesburg and Sandton.
Samuel Seeff, chairman of the Seeff Property Group, observes that high-net-worth individuals (HNWIs) are increasingly willing to invest over USD 1 million in Cape Town luxury property, compared to the average expenditure of less than USD 500,000 in the affluent Johannesburg and Sandton suburbs.
Interestingly, buyers are both local and international. The Atlantic Seaboard has seen buyers from Gauteng, while foreign buyers hail from Germany, the United Kingdom, France, Switzerland, and even Finland.
Luxury property sales in Cape Town vs Sandton and Johannesburg
The data reveals that most transactions above R5 million, R10 million and even R20 million (USD 1 million approx.) were concluded in the Cape Town metro. Cape Town saw 2,345 transactions above R5 million and 546 above R10 million. Across Sandton and Johannesburg, these figures drop to less than half.
- Luxury property sales were notably up in Stellenbosch and Hermanus, with Sea Side Longships in Plettenberg Bay and Voëlklip and Kwaaiwater in Hermanus seeing sales above R20 million.
- Top high net worth suburbs include Clifton, Bantry Bay, Fresnaye, Camps Bay, Bakoven, Llandudno, Waterfront, Mouille Point and Sea Point on the Atlantic Seaboard, and Oranjezicht and Higgovale in the City Bowl.
- Johannesburg and Sandton luxury property sales were generally confined to Sandhurst, Hyde Park, Houghton, and Steyn City. Sandhurst recently saw three luxury property sales, with an Oxford Ave property achieving the highest price of R30 million.
With these figures in mind, it's clear that the Cape Town metro and its surrounding regions remain the key destination for high-net-worth buyers. If you own luxury property in Cape Town, this presents a fantastic opportunity to list your property and attract profitable buyers.
Top nine suburbs for luxury property sales
According to data from PropStats and Lightstone, the following are Cape Town’s top nine suburbs that saw luxury property sales over R20 million:
- Constantia tops the list with 25 luxury property sales, primarily in the Constantia Upper area. The highest price paid was R100 million for a home in Eagles Nest.
- Camps Bay/Bakoven boasted 16 luxury property sales above R20 million, and a property on Oudekraal Rd, Bakoven, achieved the highest price of R55 million.
- Fresnaye saw 15 luxury property sales. Ave Protea property achieved the highest price: R54 million.
- Waterfront/Mouille Point achieved 13 luxury property sales, with a Pinmore property selling for R50 million.
- Llandudno saw 13 luxury property sales of over R20 million, and property on Bosman Ave went for R50 million.
- Stellenbosch luxury property sales reached 10, with a property in the De Zalze Golf Estate selling for R69 million.
- Bantry Bay saw nine luxury property sales, two exceeding R100 million. A Kloof Rd residential property achieved the highest price: R125 million.
- Clifton saw eight luxury property sales over R20 million, and a home on Clifton Terraces sold for R47 million. Seeff notes that this is the first year Clifton has ranked, and its R47 million sale is actually below what is expected for the suburb.
- Bishopscourt saw seven luxury property sales. A Norwich Drive property achieved the highest selling price: R39 million.
Seeff encourages you to reach out to our Property Practitioners if you’re ready to sell your luxury property. It is imperative that you set a realistic asking price to avoid disappointment, and our team can guide you. You may also be interested to learn that maintaining your home can play a key role in your asking price.
For first-time sellers, read our blog on tips when selling your home for the first time.
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