The greater Blouberg and Milnerton property market in Cape Town is benefiting from semigration according to Seeff, with CMA Info data showing property transactions worth approximately R8.2 billion (3 649 transactions) concluded across the area over the past year.
About 38% of these were semigration buyers according to Lightstone with the market comprising a 48/52 split between full title and sectional title sales, with the average transaction price for full title around R2.9 million and R1.566 million for sectional title, area dependent.
While most buyers are coming from Gauteng’s metros, approximately 2% of confirmed sales over the past year were to international expats and investors who spent on average +- R3.79 million. There is also a significant rental market with high demand for residential and holiday rentals.
In terms of rental income, the area has shown above market average capital growth due to high demand with PropStats data highlighting that average prices have generally doubled over the past ten years, increasing on average by 87% for freehold and 90% for sectional title.
According to JP Ricketts, sales manager with Seeff Blouberg, +-69% of sales are still below R3 million, approximately 42% below R2 million, with substantial enquiries for properties between R800 000 and R2 million.
