Table Mountain recognition is good for property

It is official; Table Mountain is one of the seven natural wonders of the world. Capetonians will be quick to point out that they’ve always known that the mountain is very special, now however more than a 100 million people from across 220 countries have indicated that they agree.

On the 1st and the 2nd of December 2012 the official inauguration will be held at the foot of Table Mountain with guests from the 7 Wonders Foundation and delegates from the six other sites: Amazon, South America;
Halong Bay, Vietnam; Iguazu Falls, Argentina; Jeju Island, South Korea; Komodo, Indonesia, and the Puerto Princesa Underground River, Philippines.

According to the Industrial Development Corporation’s Integrated Annual Report for 2012, tourism makes up 8.6% of SA’s GDP and employs an estimated 1.2 million people. For a country that relieves as heavily on tourism as South Africa this is very good news and, like the Soccer World Cup in 2010 and the Design Capital of the Year in 2014, will hopefully encourage more people to visit the country.

All of which is good for the local economy and, in turn for the property market; South Africa is home to not only some of the most striking scenery in the world but, also to fantastic properties situated in these areas. The main benefit to the Western Cape is the direct boost to the local economy that tourism brings about, which in turn filters down to buyers, improving their purchasing power. Cape Town also has one of the highest in-migration figures in the country with people relocating to the area from various parts of the country.

Leapfrog Property Group reports seeing healthy buying activity in Milnerton, Edgemead and Gordon’s Bay. Gordon’s Bay’s performance in particular is good news as the district is generally seen as a holiday destination and relies heavily on buyers seeking to purchase vacation homes. These areas have been the hardest hit during the current economic downturn.

“We’re finding that properties in the R650 000 & R950 000 price bracket are selling the best at the moment. There has also been a surge for low priced vacant stands at R160 000 even though the financial institutions are only prepared to grant bonds of 60% for vacant stands”, says Kevin Wearing, Principal of Leapfrog Gordon’s Bay.

He also indicates that the biggest recent change in the market has been that over 60% of buyers are now coming from towns in the Boland / Helderberg area. Only around 30% still come from Gauteng and the Northern Province.

Properties are also selling well in Edgemead which caters for a variety of buyers with property prices ranging from R400 000 up to R3 million. Pieter Fourie, Principal of Leapfrog Edgemead, believes that many people prefer to purchase “up” within the area as it is so centrally located and has good services available.

Milnerton is becoming increasingly popular due to its incredible atmosphere, access to water sports and nature reserves and, it’s range of properties. Freehold property prices average at R1,7 million and sectional titles at R667, 000 which are far more reasonable than asking prices in Cape Town itself. Leapfrog agents report that both Edgemead and Milnerton are areas in which people prefer to sell in and buy again in the same suburb due to both the centrality of these suburbs as well as the variety they offer in terms of property.

Whilst the property market in and around Cape Town is also under pressure due to the current economic climate people are still relocating here and tourism continues. As such there are still zones with high buying activity which only stands to increase as matters correct themselves in future.

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 23 Nov 2017
      The Adelphi Centre (now entitled “ARTEM") in Sea Point, Cape Town, is being extensively renovated, and once complete will offer an ultra-luxurious galleria style shopping centre unlike any other seen on the Atlantic Seaboard or in Cape Town.
    • 23 Nov 2017
      If you are looking to sell your home in today’s real estate market, there are certain things that you need to include both inside and outside your house. Today’s generation of home buyers is looking toward a more eco-friendly, energy and water conscious home, and if your house stands out then you are more likely to be able to sell it.
    • 22 Nov 2017
      Most people know of the Community Schemes Ombud Service (CSOS) and that levies must to paid to fund its operations. In this article the experts at Paddocks will address some of the issues that are causing confusion.
    • 22 Nov 2017
      While sales have noticeably slowed in most sectors in most Cape town suburbs, the security estate sector in Constantiaberg has bucked the trend by remaining buoyant, with sales by August this year already surpassing total sales in 2016.
    • 22 Nov 2017
      The end of the year is fast approaching, and so are all the travellers, tourists and holidaymakers. For those who live near or own a property in a holiday-hotspot, the festive season also brings with it an abundance of short-term rental opportunities. Its a great way for property owners to make a few extra rand for their own holidays or to put towards their savings.
    • 21 Nov 2017
      The buying process is over, and the moving truck has delivered your household goods to your new property. Now it’s time to unpack and turn your new house into a home.
    • 21 Nov 2017
      When an offer to purchase a property is signed by both buyer and seller, this constitutes a binding agreement or “Deed of Sale” between the two parties. However, in most cases the “standard contract” might not be enough to cover all the specifics pertaining to the sale. The agreement may require some additions or alterations to clauses, which needs an expert hand in the drafting of such
    • 21 Nov 2017
      As more and more South Africans look to invest in property abroad, Spain is offering them one of the best deals in global real estate.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us