Ross Levin, the licensee for Seeff Atlantic Seaboard and City Bowl, says there has been an increase in Russian interest in properties along Cape Town’s Atlantic Seaboard.
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‘We are seeing enquiries in the R10 million to R20 million price bracket too. Russian buyers are specifically drawn to suburbs such as Camps Bay, Fresnaye, and the Waterfront.’ He says it is the highest volume of interest that he has seen from Russian buyers over the past few years. ‘They obviously see property on the Atlantic Seaboard as a good investment.’
According to News24, several properties in Hout Bay were recently sold to Russian buyers.
An increase in buyers from the United Kingdom (UK) and Northern European countries such as Germany has also been noted. ‘Despite the economic and interest rate challenges, there has, for example, already been over R1 billion in sales above R20 million this year, including several sales to UK, German and French buyers, in addition to the sales made to Russian buyers.’
Data between March 2022 and April 2023 indicate that 23% of RE/MAX’s sold listings on Cape Town’s Atlantic Seaboard were sold to foreign buyers, while 21% of its sold listings in the City Bowl were to foreign buyers.
Susan Watts, broker-owner of RE/MAX Living, says this is a big jump from 2020. ‘It has steadily increased since then. Most foreign buyers are from Europe, with the largest number of those being from Germany. In addition, we have significant numbers buying from America and the UK.’
However, broker-manager of RE/MAX Coastal Chris van der Merwe says that most buyers in his area are cash buyers looking to move from other provinces to the Garden Route. ‘We have also seen the return of foreigners to our area after the pandemic, as the exchange rate is extremely favourable for them at the moment. We have recently sold to German, Swiss, and UK buyers.’
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Picture: Jean van der Meulen / Pexels