Upper Constantia in Cape Town is enjoying keen interest from buyers, particularly foreigners and those from Gauteng. “We’ve seen 17.43% of sales in the area for the period beginning January to end July were for international buyers,” says Francois Venter, Director of Jawitz Properties. “This accounts for 19 of the 109 properties sold in this period. In July alone, 63% of sales concluded in the area were for foreigners, and 40% of these sales were concluded by Jawitz.”
“Meanwhile, Constantia Watch, the local crime unit in the area, reported a 60% decreased in crime in July this year compared to that of last year.”
A safer suburb is appealing to buyers, as are correctly priced properties.
“While the average price for Constantia is about R7 million, prices have a broad range in Upper Constantia and we find that those listed above R10 million tend to achieve prices around 20% less than asking price, if properties are not well maintained,” say Charne Shipper and Greg Kruyer of Jawitz Properties Constantia.
Where sellers are asking over R10 million, properties need to be in pristine condition in order to achieve anything between asking price and 10% below asking price. “Foreign buyers, or those from upcountry such as Johannesburg, pay for and appreciate homes that are well maintained, and sellers are encouraged to keep this in mind.”
The listing days echo this where properties that are well looked after and correctly priced are sold within 30 to 60 days while overpriced homes or even those that achieve a 20% reduction in price can be on the market for anything between 500 and 1000 days,” they add.
Recent sales in the area by Jawitz Properties include a home in Croft Road that sold for R19.7 million to a buyer from Sweden due to its excellent condition.
The top end schools and the improved crime statistics in Upper Constantia are very appealing to buyers looking for exclusive homes in this sought after area. “Then of course the history and wine route are also enticing, as are the beautiful surroundings including views of the mountainside of Kirstenbosch Botanical Gardens,” they conclude.
