Cape South Peninsula sees increase in residential sales activity

The South Peninsula region of Cape Town, incorporating towns such as Noordhoek, Fish Hoek, Kommetjie and Muizenberg, has seen a steady increase in residential sales activity over the past year.  

Pam Golding Properties (PGP) reports that its agents in this region sold 58 properties, to a total value of over R131 million, between January and June 2012.  This represents an increase of around seven percent in both sales value and units sold, compared to the same period in 2011.

PGP’s area manager for the South Peninsula, Sandi Gildenhuys, says the increasing sales figures are particularly pleasing given the ongoing turmoil in the global economic climate.  “Buyers remain extremely cautious about over-extending themselves, and are keenly aware of value for money,” she says.  “But there is also a sense that property is a ‘safe’ investment in the current market, with good long-term growth prospects. There is a definite awareness that the South Peninsula in particular offers good value for money, not to mention a superlative lifestyle and an ideal environment in which to raise a family.  Many of these towns offer a laid-back coastal lifestyle with a wealth of healthy outdoor activities, lower crime rates and larger properties with gardens that children can enjoy in safety.  Infrastructure has also developed to the point that there are now excellent options for both private and government schooling in the area, as well as substantial medical care and shopping facilities.”

With affordability remaining a key concern, the highest demand at present is in the sub-R2 million price range.  But Gildenhuys says there has been a definite increase in enquiries about higher-priced properties as well.  “In total, some 80 percent of our sales during this period were properties priced under R3 million,” she says.  “But there have also been some stand-out top end deals, including three sales over R5 million in Simon’s Town, and one over R15 million in Noordhoek.”

Gildenhuys says there has been a marked increase in enquiries from foreign buyers, after a lengthy period of muted activity in this category.  However the bulk of activity is still from South African buyers, mainly existing Capetonians or up-country buyers who are relocating from Gauteng or looking for holiday homes at the seaside.  Another category seeing an increase in activity is that of expatriate buyers, who have shown particular interest in Simon’s Town over the first half of the year.  “These include a number of South Africans still living overseas, who intend coming back here at a later stage, for their retirement or even sooner.  Many of these expats work elsewhere in Africa and visit home regularly, so will use the properties as holiday homes in the interim,” says Gildenhuys.

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
    • 17 Nov 2017
      The EAAB (the Estate Agency Affairs Board) recently claimed that around 50,000 illegal estate agents could currently be operating illegally.
    • 16 Nov 2017
      Penthouses are synonymous with New York – characterised by high-rise living that is decidedly luxurious and spacious. While exclusivity comes at a price, you can still create a “penthouse” look and feel in your existing apartment or even the upstairs bedroom of a double storey house with some clever design changes and styling touches.
    • 16 Nov 2017
      The area has long been popular with kite surfers and, with escalating property prices in Cape Town itself, is increasingly in demand with home owners who work in town, but are looking to invest in more affordable properties.
    • 16 Nov 2017
      Cape Town’s popularity as a world-class tourist destination has resulted in a spike in the number of homes available for holiday lets and fuelled investor demand for sectional title units with short term rental potential.
    • 15 Nov 2017
      Sappi, one of South Africa’s oldest global companies and a leading global supplier of sustainable woodfibre products, has moved its global and regional headquarters to a new site on the corner of Oxford and 14th Avenue in Rosebank.
    • 15 Nov 2017
      There’s an old saying in real estate that you should seek to make a profit when you buy, not only when you sell – and a large part of succeeding at that endeavour is buying a home in an area with desirable features that will enhance the resale value of your property.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us