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Samuel Seeff, chairman of the Seeff Property Group, says semigration to the Western Cape continues at a pace and will probably not lose steam, despite the high-interest rates facing South African buyers.
Although Seeff said that semigration to the Cape may slow down, it will mainly be due to the inability of South Africans across the rest of the country to sell their houses.
He added that Cape Town is increasingly becoming the new hub for head offices in the country, with Amazon building their new local headquarters in the city for R4 billion.
He also said that the move to the Cape is driven by the deterioration in service delivery across many other municipalities nationwide.
Ross Levin from Seeff added that there has been a strong influx of semigration buyers to the coastal suburbs, with the group’s agents seeing high demand across the Atlantic Seaboard.
Although these buyers were primarily from Gauteng, they are also starting to come from KwaZulu-Natal.
Many of Seeff’s agents have also seen a shortage of stock in many price bands across the city, especially in the R3m to R18m range.
International buyers (especially from Russia and other European countries) are also looking for alternative markets to invest in while the Russian-Ukraine War continues.
Looking at the sales data, Cape Town has already seen 51 sales above the R20 million mark.
Seeff also noted that there are higher prices being paid in areas including Stellenbosch, Hermanus, Paarl (mostly in Val de Vie) and Plettenberg Bay (where properties are increasingly being sold for over R20 million).
Below are some properties on the luxury properties on the market across the Western Cape.
- 4 Bedroom House in Fresnaye, Cape Town
- Price: R100,000,000
- 5 bedroom house for sale in Constantia, Cape Town
- Price: R23,950,000
- 30,000m² Small Holding Blaauwklippen, Stellenbosch
- Price: R16,250,000
- 6 bedroom house in Onrus, Hermanus
- Price: R17,995,000
- 5 Bedroom House in Keurboomstrand, Plettenberg Bay
- Price: R22,000,000
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