Sales to international buyers in Cape Town have already surpassed their combined values from 2022 and 2021, primarily as a result of an increase in high-value transactions and a greater number of buyers taking advantage of the weakening Rand.
Despite the typical seasonal slowdown during winter, international buyers still contributed R220 million in sales for May and July, respectively, with the highest recorded sales of R280 million in March. Even local investors with significant means are finding that they can get more for their money in South Africa compared to other international markets. While most international sales are below R10 million, there have been several high-value transactions, predominantly involving buyers from Germany, the UK and other European nations. Russian buyers, as well as buyers from the USA, are also contributing to this trend.Appreciate the beauty of Cape Town with a 60-minute cruise for R155 .
Francois Venter, lead agent for Seeff Southern Suburbs Uppers , highlights that buyers from the UK, Germany and other European countries increasingly see South Africa as a viable Plan-B destination. Stephan Cross, Seeff’s sales manager for the site, notes a significant increase in the R10 million-plus sector in Cape Town, especially in Hout Bay, due to the favourable exchange rate and current economic and geopolitical instability in Europe.