Over the past 26 years, the Western Cape has become South Africa’s third-largest province, mainly due to a significant increase in people choosing to relocate there,Strong infrastructure, high quality of living and impressive service delivery have been among the key drivers in this trend, and it is reflected in the booming property market.
However, the pricier properties saw a return to normal market conditions after a surge in people moving to the area.Between 2019 and 2023, property sales in the Western Cape ranged between R100 000 and R20 million, increasing the provincial sales share from 23% to 27%. Property prices increased by 10% between August 2022 and August 2023.
The population increased by 70% between 2011 and December 2023. About 100 adults move to this area per month, equating to 40 families. While Macassar’s household income increased by 45% since November 2021, more buyers are aged below 35. The area also saw an increase in buyers aged between 36 and 49 years.
In addition, the RMM report noted several national and international trends that influence these areas, namely: