An update: Cape Town property market
Category Newsletter: Company Message
Amidst political unrest and university student mayhem, South Africans are still finding value in Cape Town’s brick and mortar. The past 18-24 months have shown an incredible rise in the property market; with ever increasing and record breaking prices.
Cape Town, being a common destination for both domestic and international tourists, has been flooded with purchasers seeking the coastal lifestyle. So much so, that Airbnb has become a verb for many home owners looking to take advantage of the demand. At the same time many older apartments, remnants of an early Atlantic Seaboard, are slowly but surely popping up for sale for discerning investors to renovate.
Just recently, a property in Fresnaye set a sale price record of a whopping R290 million! The influx of foreign investors and an elite market from Gauteng, have raised the prices to a point where it is difficult for local buyers to purchase the property that they were easily able to afford in the past. Property market speculators agree that there is perhaps a potential bubble brewing and it is likely to burst at some point. However at this time, the age old economic principle of high demand, low supply is most definitely in full force.
So, if you own a property that you wish to list, remember that Coastal Property Sales and Letting offers a qualified and experienced sales and marketing team, who are readily available to assist. Our expansive database of potential buyers extends both nationally and internationally. We are able to tailor an effective marketing plan that will help you achieve your optimal selling price in the shortest amount of time. Contact us now for a no obligation valuation and to chat further about how we can be of service to you.
Author: Jason Paans
