Foreign buyers busy in Cape Town

October 17, 2016

Data compiled by property group Seeff, indicates that foreigners are buying a large chunk of the available property on the Western Cape’s Atlantic Seaboard, and in Cape Town’s City Bowl.

Seeff said that the October to April period tends to be the traditionally busier sales season. “Overseas visitors will now start arriving for their annual sojourn. Add to that the arrival of locals, including many potential buyers and investors from other provinces such as the greater Johannesburg and Pretoria area, both now growing markets,” it said.

For the previous high season period of October 2015 to end April 2016, over R4.632 billion in real estate sold across both areas, representing about two thirds of the total value of sales.

The property group noted that R20 million-plus super luxury sector also tends to be busier over this period, the last season recorded 29 sales worth almost R1 billion.

In Clifton, the bulk of the sales took place during the October to April period while about 70% of all the units sold in Camps Bay for the last year, were during this period, Seeff said.

It said that buyers from other provinces, most notably the greater Johannesburg/Pretoria areas are now increasingly investing in Atlantic Seaboard and City Bowl property. Despite the slower economy, these buyers now comprise anything up to 20%-30% in areas such as Camps Bay.

“Foreign buying is also up this year compared to last year with some 142 properties worth just over R1.282 billion sold across the Atlantic Seaboard and City Bowl areas, comprising about 20% of the total rand-value of sales. This, compared to the 137 sales worth R1.106 billion recorded for the whole of 2015,” Seeff said.

“More than half of the sales were to UK and European buyers. There was notable growth in sales to German, French and American buyers. Foreigners are now also buying in almost any area, from Clifton and Camps Bay to Green Point and the CBD,” it said.

 

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