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Cape Town's luxury property market booms as sales near R800m

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Cape Town’s high-end real estate market has shown unexpected growth, with sales nearly reaching R800 million during the first quarter of 2024. Also read: Cape Town offers best property rates of SA’s cities for 2024/25 According to Lightstone data, South Africa boasts a robust property market, as purchase prices averaged below R1.5 million.

Cape Town’s high-end real estate market has shown unexpected growth, with sales nearly reaching R800 million during the first quarter of 2024.According to Lightstone data, South Africa boasts a robust property market, as purchase prices averaged below R1.5 million. Between January and March, about 47 276 transactions worth just over R65 billion were recorded.

Although only 9% of property transactions were above R3 million, this sector generated R23.7 billion at an average price of around R5.5 million. The number of properties that sold for R20 million and more in Clifton, Camps Bay and the Waterfront has increased over the past three years, says Ross Levin, a licensee for Seeff Atlantic Seaboard and City Bowl.

 

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