These 5 Cape Town suburbs recorded the fastest growth in average selling price in 2016
Although there may be signs of further cooling in the property market in South Africa in 2017, Cape Town remains the star performer.
“Not only does Cape-based property hold its value, it continues to offer superior growth as an asset,” said Mike Greeff, CEO of Greeff Christie’s International Real Estate.
He said that over the course of 2016, the average property selling price for all property types across all areas of the Cape grew by 12.6%.
“Based on the steady demand for property experienced by agents in all of our offices, there is no indication that the Cape property market is going to slow down any time soon,” Greeff said.
He said that the highest growth sectors will continue to be security estates, sectional title apartments and family homes near leading schools, “however, land is in short supply in the Cape, given the natural boundaries of mountain and sea, so even properties further and further from central areas are starting to grow in value,” Greeff said.
“There’s a drive to get a foot in the door with regards Cape real estate, particularly with the steady flow of people from other provinces migrating to the Cape.”
The property specialist said that the top areas in terms of growth in the average selling price for all types of properties recorded by Propstats are:
- Kommetjie – 19.6%
- City Bowl – 16.9%
- South East Suburbs – 15% (Rondebosch East, Crawford, Kenwyn, Ottery)
- False Bay – 12%
- Bergvliet – 11.9%
Greeff said that the growth in the average selling price in Plumstead is recorded at 10.9%, in Hout Bay, 6.3% and across the Southern Suburbs, 6.8%.
“These growth figures are significant and compare very favourably against most other investment categories, making property a prime choice for a healthy portfolio,” Greeff said.
Read: How long it takes to sell your home in South Africa’s 5 major metros
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