At least 100 property sales of more than R20 million were concluded in the City of Cape Town this year, totalling more than R3 billion in value.
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This is according to the Seeff Property Group, which notes that the luxury property market above R20 million had another good year, particularly in Cape Town.
While slightly down compared to last year, BusinessTech reports that the number of sales is still double those of 2019. Sales in the Cape Town metro to international buyers topped the R3.3 billion mark.
According to the Seeff Group, Gauteng buyers purchased luxury properties located mainly at the Waterfront, in Bantry Bay and Camps Bay. ‘Camps Bay has been incredibly popular with upcountry and international buyers, with the highest volume of super luxury sales by far concluded in Camps Bay.’
Clifton achieved the highest prices, averaging a freehold selling price of R50 million and three sales above R50 million.
The Atlantic Seaboard was home to 60% of all high-value sales above R20 million. Ross Levin, the licensee for Seeff Atlantic Seaboard and City Bowl, notes that villas and apartments were in high demand among wealthy buyers during 2023.
Sea Point and Mouille Point also saw sales above R20 million.
Francois Venter, the lead agent for luxury sales in the Seeff Southern Suburbs and Constantia areas, says Bishopscourt and Constantia also had several R20 million-plus sales, as well as Claremont and Newlands.
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Furthermore, BusinessTech reports that about 30% of the high-end sales that occurred across the City’s more affluent areas were to international buyers, in particular the United Kingdom (UK) and Germany. An increase in buyers from the USA was noted in Clifton and Llandudno, and Russian buyers also spiked in Clifton, Bantry Bay and Fresnaye.
The 10 most popular suburbs include Camps Bay, which tops the list with 24 homes which sold for more than R20 million this year. In second and third place are Bantry Bay and Constantia, which each sold 10 homes valued at more than R20 million. One house and a vacant plot sold for R60 million each in Bantry Bay.
Placing fourth on the list is Clifton, which saw nine properties selling for more than R20 million each. One of these sold for R150 million to a Russian buyer – the largest sale year-to-date.
Bishopscourt comes in at fifth place with eight properties which sold for more than R20 million – one of which sold for R90 million.
Here is the full list:
- Camps Bay (24)
- Bantry Bay (10)
- Constantia (10)
- Clifton (nine)
- Bishopscourt (eight)
- Waterfront (six)
- Llandudno (six)
- Higgovale (five)
- Fresnaye (four)
- Oranjezicht (one)
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