One town in the Western Cape where house prices increased from R400,000 to R1.25 million

Data from Seeff Property Group showed that the average house transaction price in Elands Bay increased by 213% over the last decade—from R400,000 to R1.25 million.

Elands Bay is a West Coast town on the Atlantic Ocean in the Western Cape Province, about 220 kilometres north of Cape Town.

The Town is also known as a world-class surfing location and is one of several West Coast towns seeing a surge in property demand from local and international buyers.

Experts from Seeff noted that West Coast towns like Elands Bay and its property markets are no longer just for holidays and retirement.

The property group noted that the increase in property prices is largely attributed to semigration trends and the migration of wealth to the Western Cape.

The phenomenon of semigration, where individuals and families relocate within South Africa to regions with better lifestyles or business opportunities, has made the West Coast a prime destination.

In particular, the scenic fishing villages that dot the coastline, once primarily seen as holiday or retirement spots, are now attracting a broader demographic of buyers.

The appeal of these towns has evolved beyond their tranquil settings. Growing numbers of South Africans seek out the area’s lifestyle benefits while also capitalising on relatively affordable property prices compared to other regions.

Wealth migration to this area is driven by those seeking a more relaxed pace of life while still engaging in professional or business activities.

As a result, the average price of homes in Elands Bay has jumped from R400,000 in 2014 to R1.25 million in 2024, reflecting a 213% increase.

However, Seeff noted that this shift is not isolated to Elands Bay alone but is part of a broader trend affecting many West Coast towns.

Other towns along the coast, including Yzerfontein and St Helena Bay, have seen similar growth, with property values doubling over the last five years.

Property prices in Yzerfontein also almost tripled (196%), with average prices increasing from R1.25 million to R3.1 million.

Houses in St Helena Bay and Paternoster are other examples, with average house price increases of 107% and 106%, respectively.

While semigration is often recognised as people leaving major provinces such as Gauteng for more appealing ones like the Western Cape, some experts have noted that this is not always the case.

According to Lightstone Property, over 3,500 homeowners from Gauteng and nearly 900 from KwaZulu-Natal relocated to the Western Cape, underscoring the region’s enduring appeal.

However, experts have also highlighted that there is a notable increase in movement within the Western Cape.

This is because people have decided to move to smaller outlining areas, such as those on the West Coast, to escape the congestion and cost of main cities such as Cape Town.

Cape Town, often seen as the jewel of the Western Cape, has been a focal point for semigration.

Its reputation for effective governance, stunning landscapes, and high living standards has lured both domestic and international migrants.

However, Rhys Dyer, CEO of the ooba Group, noted that affordability challenges are causing some residents to leave the city.

“Cape Town’s downward trend is largely driven by rising costs, congestion and challenges like long school waiting lists,” said Dyer.

While Cape Town’s property prices remain higher than those in Johannesburg or Pretoria, many semigrants stay within the Western Cape, relocating to areas along the city’s outskirts.

This is a major driving factor for demand in smaller coastal towns such as Elands Bay and other West Coast towns.

Other locations, such as Langebaan, Malmesbury, and the Winelands (including Stellenbosch and Paarl), are also growing in popularity due to their relative affordability, proximity to amenities, and quieter lifestyles.

West Coast towns