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.

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