Six of the highest sales in Cape Town during 2024 were to buyers from Gauteng who paid between R26 million and R66 million for houses on the Atlantic Seaboard, according to Seeff.
Buyers from KwaZulu-Natal paid between R28 million and R37.5 million for properties in Cliftion and R33.5 million for Fresnaye. International buyers, from Germany for example, bought homes of up to R30 million in Camps Bay while Dutch buyers have spent up to R68.25 million in Camps Bay – UK buyers up to R59.95 million in Clifton.
Almost 900 properties worth over R5.5 billion have sold across the Atlantic Seaboard and the City Bowl this year with about 80% of these sales being sectional title – mostly apartments.
Freehold houses sold make up approximately 43% of the total value of sales (R2.41 billion), although it only comprises about 20% of sales activity this year.
Almost 80% of sales for the Atlantic Seaboard related to apartments, and only 20% to full title houses. Average prices remain the highest in the country with only 13% of sales below R3 million, although just over half (51%) were still below R5 million. Just under one third (26%) of sales are above R10 million with 9% of over R20 million.
The highest prices recorded for this year are for houses, being R66 million in Clifton (Kloof Road), and R68.25 million in Camps Bay (Atholl Road).
Clifton remains at the most expensive suburb with an average freehold house price of R43.9 million, followed by Camps Bay at R21.1 million, Bantry Bay and Fresnaye respectively at 16.7 million, and the Waterfront at R15.1 million (sectional title sales only).
The City Bowl and CBD is still the more affordable with about 61% of all sales under R3 million, and only 5% above R10 million. A handful of high-end, luxury houses have sold above R20 million, mostly in Tamboerskloof (up to R20 million), and Higgovale (up to R32.5 million), and mostly to local buyers, says Levin.
The average price for sectional title property in the City Bowl is around R2.5 million, and slightly lower at R2.3 million in the high-density CBD area. The most active price range is R1.5 million to R2.5 million.
Freehold house prices stand at R5.5 million in Vredehoek, R6.5 million in Gardens, R8.8 million in Oranjezicht, R10.5 million in Tamboerskloof, and a significant R17.9 million in Higgovale.
