The example of picturesque Constantia winelands, situated in the Southern Suburbs of Cape Town.
On-going reports about the ‘revival and buoyancy’ of the Constantia property market were confirmed this week by one of the longest serving agents in the area.
Gerald Romanovsky, senior agent at the Rawson Property Group’s Constantia franchise, reports that turnover in Upper Constantia (the territory on which he and his work colleagues, Sandy Dicey and Gill Clemen focus) was 15% up in 2014, and they are confidently predicting a further 10% rise this year. In the first two weeks of 2015, Romanovsky sold one Constantia property for R17,1 million and another in a pocket of Constantia for R13 million – one of the highest prices ever achieved in this section of Constantia.
Romanovsky added that he has been encouraged and pleased by evidence that, as he predicted a year ago would happen, there has been a big revival and interest in the more expensive properties, particularly those in Upper Constantia. According to data collected by Propstats, in 2014 13,3% of Constantia’s 122 sales were in the R8 to R9 million bracket, 9,8% in the R9 to R10 million bracket, 8,1% in the R10 to R12 million bracket, 9% in the R12 to R15 million bracket, with 3,3 % selling above R15 million.
“The figures,” said Romanovsky, “show that 49% of the Constantia sales in 2014 were priced above R7 million. Upper Constantia is at the moment more sought after than ever before and a number of factors are driving the increases, but one of the most noticeable has been a massive upturn in buyers from Gauteng.”
Romanovsky says that Gauteng buyers are quite frequently looking for homes with work-from-home facilities or suitable for conversion to this.
“The online revolution which we all know is changing the face of the work scene throughout the world has made it far easier to work from home and to run both national and even international businesses from almost anywhere in the world. Cape Town is undoubtedly one of the beneficiaries of this trend because not only are the services here being well maintained but it offers the huge bonuses of a temperate climate and magnificent scenery.”