Fears of a global recession have certainly put a dampener on those looking to spend and invest their hard-earned pennies and the housing market has been no exception. However, in a surprising collection of data, The South African housing market is holding down its fort, and the spotlight is on Cape Town’s suburbs.
According to data from RE/MAX, the housing market has bounced back in the second quarter of 2022 as BusinessInsider reports. Earlier this year, reports of high value individuals flocking to small towns like Hermanus had the Western Cape’s small towns relishing in popularity. Now, it seems like our suburbs are reeling in attraction.
As per the data, the National Housing Report’s top-five searched suburbs list was dominated by the Western Cape – and the creme of the crop was none other than Bloubergstrand.
Bloubergstrand stands as the most-searched suburb nationally. With Sunningdale, Parklands and Claremont all making the top searched list, a few Gauteng favourites lost their footing.
The seaside suburb of Bloubergstrand is a firm favourite for families, people who love epic views from beaches to Table Mountain, and is also one of the most epic kitesurfing hotspots in the world. As people continue to look for homes outside the city and toward the suburbs, it serves as little surprise that Western Cape suburbs are having their moment.
Semigrations have been on the rise for Western Cape in 2022, with many movers coming from Gauteng. According to Lighthouse Properties, the majority of people who were ditching their lives in Gauteng this year were making moves to the Cape.
The Africa Wealth Report by NW Wealth (also understood as the ‘benchmark of luxury sector research in Africa’ as it self-describes) recently released luxurious data for 2022, identifying trends and insight into wealth progressions and movements on our continent.
The report includes a lifestyle estate trend category, influenced by the COVID-19 pandemic. The data associated indicates that some of the top spots for millionaires to relocate to, are Hermanus, Plettenberg Bay and Franschhoek.
As tourism continues to increase and people continue to imagine their homes in the beauty of the Western Cape, our province’s magic only becomes realised more and more.