Cape Town luxury property market thrives thanks to international buyers

📆 29/8/2565 23:00:00
📰 CapeTownEtc

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The Western Cape holds the number one spot in the luxury property market, despite current economic pressures, interest hikes and constant rising inflation as semigrants and foreign buyers are snapping up luxury homes across the Cape:

, debt holders face higher home loan repayments. The repo rate climbs by another 75 basis points to 5.5% per annum, ultimately pushing the prime lending rate to 9%.

, in 2021 Lightstone Property data recorded 984 homes sold in South Africa – the highest number of homes valuing over R10 million sold in recent years. Grant Smee, MD of luxury property specialists Frankie Bells – A division of Only Realty Property Group – says “Foreign buyers enjoy South Africa for its natural beauty and generally temperate winter climate in comparison to the snowy Northern Hemisphere. They are in search of homes that boast exceptional views, high-end design, extensive security measures and proximity to breathtaking attractions.

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