{"id":734841,"date":"2023-12-03T11:00:00","date_gmt":"2023-12-03T09:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=734841"},"modified":"2023-12-01T16:22:10","modified_gmt":"2023-12-01T14:22:10","slug":"semigration-is-boosting-property-prices-in-this-part-of-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/734841\/semigration-is-boosting-property-prices-in-this-part-of-south-africa\/","title":{"rendered":"Semigration is boosting property prices in this part of South Africa"},"content":{"rendered":"\n

Semigration is fueling the rise in demand in Cape Town’s southern suburbs.<\/p>\n\n\n\n

Since the revival of semigration in 2021, there has been a surge in market activity in the Southern Suburbs, with the time properties spend on the market dropping and a drop in asking and selling prices. <\/p>\n\n\n\n

\u201cWe\u2019ve been inundated by enquiries for both sales and rental properties as people looking to buy will often rent first whilst they search for a home to purchase, and well-priced family homes are often snapped up as soon as they\u2019re listed,” Claude McKirby said. <\/p>\n\n\n\n

Due to their proximity to good schools and other major amenities, three popular areas are Newlands, Rondebosch, and Claremont. <\/p>\n\n\n\n

In 2021, Newlands houses were selling at an average price of R6.5 million, an asking price after 176 days on the market. In November 2023, the average selling price was R8.15 million, 7.5% below the asking price, with listing days decreasing to 76. The situation is similar in Rondebosch and Claremont. <\/p>\n\n\n\n

\u201cStock has become an issue, though,\u201d said McKirby, \u201cand there are few houses available at the current average selling prices and almost none at the entry-level”<\/p>\n\n\n\n

\u201cThe rental market is equally competitive throughout the whole Southern Suburbs region and, with the current stock shortages, we are finding that free-standing houses in the broad price range of R15 000 to R55 000 do not stay on the market for long.”<\/p>\n\n\n\n

\u201cProperties have barely been listed, and the enquiries literally pour in, with some properties even being taken without viewings. Generally, these are potential tenants from Gauteng or KZN or abroad.\u201d<\/p>\n\n\n\n

He added that there has been a large increase in the number of enquiries in the scenic Peninsula coastal strip from Muizenberg to Noordhoek since mid-2021.<\/p>\n\n\n\n

\u201cThis area not only offers the quintessential seaside village and outdoor lifestyle, but it also does so at more accessible pricing than most comparative coastal areas in Cape Town. It also offers a very broad selection of properties.”<\/p>\n\n\n\n

\u201cThe region is attracting both local and upcountry buyers as it not only offers the quintessential seaside village and outdoor lifestyle, it does so at more accessible pricing than most comparative coastal areas, and it also offers a very broad selection of properties.”<\/p>\n\n\n\n

\u201cThe suburbs currently attracting the most interest from upcountry buyers are Noordhoek, Kommetjie and Simonstown, which all offer exceptional lifestyles, although each has its own unique and distinct character. Muizenberg and Fishhoek are very popular with young families and first-time buyers.\u201d<\/p>\n\n\n\n

Semigration is not only for families but also businesses – hence the increase in office space demand.<\/p>\n\n\n\n

Despite the challenging economic climate in South Africa, McKirby said that he does not expect the market in Cape Town to slow down any time soon, with the opposite actually occurring.<\/p>\n\n\n\n

\u201cCape Town not only has a high service delivery rating, it also experiences less load shedding than the rest of the country and, with the local government on track with their scheme for commercial property owners to supply own solar-generated power back to the local grid, but the future is also certainly looking brighter here in the Cape.\u201d<\/p>\n\n\n\n

Below are a few properties on the market in Cape Town’s southern suburbs and surrounds:<\/p>\n\n\n\n

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