This is how long it takes to sell a $1 million property in Cape Town
The real estate arm of famed auction company, Christie’s, has published a report on the luxury housing markets around the globe, with Hong Kong seizing the top slot for the second year running.
Luxury Defined 2018, Christie’s International Real Estate’s sixth annual white paper, uses data gleamed from over 80 luxury real estate brokerages to provide insights into the world’s greatest luxury property markets.
With two residential sales above $100 million and significant annual growth in luxury home sales, Hong Kong led in almost all categories and once again set new sales price records for the region, the report said.
“The city-state takes the crown despite years of stamp duties to manage the limited supply of real estate and curb rising property prices. There still appears to be significant demand for premium real estate in the city, which saw continued demand from mainland Chinese buyers seeking to hedge against yuan depreciation.”
New York was placed second, ahead of London, Singapore and San Francisco.
Victoria, British Columbia, ranked as the “hottest” luxury primary housing market in the world, thanks to strong year-on-year luxury sales volumes and high domestic demand.
Cape Town – South Africa’s largest market for luxury property – is placed 26th on the list with an average price of $1.4 million in the primary space, and with a top sale price of $5 million (R64 million) in 2017.
Time to sell across select primary housing markets reflects local sales volume trends: Average days on market for $1 million+ homes in select primary housing markets, 2016-2017:
Read: This European country is attracting as much property interest as some Cape Town suburbs
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