RE/MAX Area Report – Constantia

Area history

Predominantly farmland and vineyards, the affluent suburb of Constantia is one of the oldest areas in Cape Town. Home to the Groot Constantia estate which was established in 1684 by Simon van der Stel, Dutch Colonial Governor of Cape Town, the area is also one of the greenest, leafiest parts of Cape Town. Other notable wine estates in the area include Steenberg, established in 1682 making it the oldest wine estate, Buitenverwachting, Klein Constantia and Constantia Uitsig. Before the turn of the twentieth century, the area was renowned for its exports of Vin De Constance dessert wine; however trade ceased after the vines were attacked by a parasite.

Constantia remained a rural area from the middle of the 1800s up until 1960. Although just 20 minutes away from the Cape Town CBD, Constantia has still maintained its out-of-town, feel. The area is peppered with green belts and country lanes and is proximate to Kirstenbosch Botanical Garden, while the beaches of False Bay are only a short drive away.

Area property information

Adrian Goslett, CEO of RE/MAX of Southern Africa, says that currently around 64% of the buyers who have recently purchased property in Constantia are between the ages of 36 and 49 years old. He notes that younger consumers have also made their presence felt in the Constantia market, representing 18% of recent buyers. Consumers between the ages of 50 and 64 year old represent the highest percentage of current homeowners in the area (43%). Consumers between the ages of 36 and 49 years old, as well as those aged 50 and 64 year old each represented 36% of recent sellers in the area.

4 Bedroom House for sale in Constantia, Cape Town

Lightstone data reveals that property in Constantia consists of 93.99% freehold homes and 6.01% estates. Goslett says that property prices in the area experienced exponential growth between 2004 and 2008, peaking in 2008 with an average home costing around R10.139 million. Prices dipped in 2009, easing off further in 2010. However, Goslett notes that in 2011 prices gained some momentum, eventually reaching a record high of R10.721 million in 2013. While prices dipped again in 2014, this year property prices have shown improvement with the current average price of a freehold property around R9.780 million. 

Demand for property

Property sales transactions dropped from around 30 homes sold in 2004 to 9 in 2009. Goslett says that while the market in the area saw some resurgence in 2010 with around 19 homes sold during that year, the number of sales took another downward turn in the following two years, dropping back to 9. In 2013 and 2014 around 17 homes were sold each year, proving to be a relatively good sales period for the area. So far this year five homes have been sold in the area.

Goslett notes that all homes that have been sold in Constantia between August 2014 and July 2015 were priced over R3 million.

Property price trends

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