Foreign buyers continue to climb into rich Cape Town suburbs
Property group Seeff said it sold its highest valued property in Hout Bay, Cape Town, with the market flourishing despite the country’s recent downgrade to junk status.
Stephan Cross, sales manager for Seeff Hout Bay and Llandudno, said that the record property, situated in Riverside Terrace with a listing price of R35 million, was recently sold within 10% of this price to a foreign buyer within only 66 days.
The sale of this home indicates that foreign interest in our luxury market is not dwindling, despite the recent political and economic shifts in the country, Seeff said. In general the Hout Bay property market is performing remarkably well, Cross said.
Seef pointed out that the previous record holder in Hout Bay was the Lichtenstein Castle which sold for R23 million in May 2012, also to a foreign buyer.
Cross said that sales to the value of R83.4 million were concluded in Hout Bay in May of which Seeff fetched R32.4. million.
“In addition to this, Seeff also concluded the two highest sales in May and while the average selling price of a home in Hout Bay in this month was almost R4.4 million, the average price Seeff clinched was just over R8 million.”
The most expensive sale in May was made by Seeff for a property in Baviaanskloof Private Estate for the full asking price of R12.995 million.
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