The suburb in South Africa where house prices jumped 70% in three years

The residential market in the ocean-side suburb of Noordhoek, Cape Town, is booming, and there has been a massive spike in property prices over the last few years.

Propstats data shows that the average house price in Noordhoek rose by 68%, from R5.3 million in 2021 to R8.65 million by August 2024.

Moreover, the number of days on the market dropped from 157 in 2021 to 66 days by August 2024.

Only four homes were sold for more than R10 million in 2021, and none cost over R20 million.

However, in the first eight months of the year, 12 homes sold for over R10 million and two were in the R20 million plus band.

“Noordhoek is hotter than ever at the moment,” said Lilian Bron and Helen Smith, partner area specialists for Lew Geffen Sotheby’s International Realty.

“Several of our recent sales have been at the full asking price, and at least four properties have sold within 14 days of being listed, with one R13.5m home selling at full price within 48 hours.”

The experts said that the surge in Noordhoek’s market was due to several factors, such as semigration and a growing foreign investor interest.

“These buyers currently account for the majority of our buyer demographic, with our last eight sales being to German, British and upcountry investors.”

“Two sales were to German couples relocating to South Africa, and three other homes were sold to British couples, one as a home, one as a holiday property, and one as repeat business as they had already moved from the UK.”

“Other sales were to South African residents of European origin relocating from other areas.”

Noordhoek’s main draws include its seaside village and quant equestrian charm while still within driving distance of Cape Town’s centre.

It is also close to good schools, healthcare facilities and other amenities.

That said, in recent years, another compelling appeal factor has been the area’s conservation, with the area known to be a pioneering home for eco-estates.

“Noordhoek residents are also very vocal against over-development, working through their NEAG (Noordhoek Environmental Action Group) and NRA (Noordhoek Ratepayers Association) groups, and the result is a pristine environment that is attracting like-minded buyers who appreciate an increasingly rare unspoiled environment.”

With urbanisation and over-development becoming commonplace, Noordhoek’s pristine quality has become significantly attractive to investors from the upcountry and abroad.

“Noordhoek has increasingly become a sought-after enclave for wealthy investors seeking the best of both worlds, the ultimate country lifestyle along with all the conveniences of a city, and this growing demand can be seen in the new developments in the area.”

An example of a property in the area can be found in the De Goede Hoop Estate, where Lew Geffen Sotheby’s International Realty is selling a six-bedroom family home for R35 million.

The plots on the property have permission for stables and other outbuildings. It is also a short drive through leafy lanes to Noordhoek Beach.

The estate also comes with 24/7 security, offering peace of mind for customers.

Images of the property can be found below:

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