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Signs of Renewed Interest in South Africa Housing Market

Posted on: April 17th, 2018

Cape Town South Africa Housing- Due to improved sentiment about South Africa, it would not be surprising to see an increasing demand for SA residential property among foreigners and SA expats, according to John Loos, household and property sector strategist at First National Bank.

 This is despite demand levels for SA domestic property from foreigners and SA expats being down significantly compared to 2015 and 2016, according to the FNB Estate Agent Survey for the first quarter of this year.
Estate agents surveyed estimated that 4.3% of total home buying for the two quarters up to and including the first quarter of 2018 was by foreigners.The survey estimated that the percentage of South Africa housing being bought by SA expats was 1.51% of homes in the first quarter of 2018, after declining since 2015.
The South Africa Housing survey also indicated that the number of buyers from other parts of Africa purchasing residential property in SA has slowed faster than overall foreigner home buying here in recent years. For Loos this could arguably reflect tougher African economic conditions compared to those in more developed countries in recent years.
The estate agents’ estimates about a weakening demand among foreigners and SA expats throughout 2017 reflected “dampened investor sentiment” towards SA in general, according to Loos.In his view, this was likely caused by the stagnation of SA’s economy over a number of years, uncertainty about the SA government’s future economic policy, and “negative news” about the country such as sovereign rating downgrades to “junk status”.”However, we have started 2018 with a noticeably more positive mood in South Africa, partly due to the political leadership change in the country following the ruling party’s elective conference in December 2017,” said Loos.Positivity has also been reflected in a stronger rand and a rise in the RMB-BER Business Confidence Index in the first quarter of 2018.”We will wait for further quarterly surveys before concluding that foreigner and expat buying levels are picking up meaningfully or not,” said Loos.

The 10 Most Expensive Streets For Property in Cape Town South Africa

Posted on: April 10th, 2018

Property in Cape Town is home to the country’s ten most expensive streets, where you will pay an average of R84,200 per square metre, a new report by AfrAsia Bank and New World Wealth found.

The South Africa Wealth Report, released on Thursday, found that these streets far outperform the rest of the country when it comes to property prices.

The most expensive street outside Cape Town is in Plettenberg Bay where you’d pay an average of R43,000 per square metre – R52,000 less than Cape Town’s most expensive street.

These are the most expensive streets for property in Cape Town and the whole of South Africa, according to the report.

The Ridge & Cliff Road – Clifton, Cape Town

Average cost per square metre: R95,000

This four bedroom house at the Ridge in Clifton is to rent for R221,000 per month. (supplied: Property24)

Victoria Road – Clifton and Bantry Bay, Cape Town

Average cost per square metre: R92 000

This one bedroom apartment is for sale for R13,900,000 along Victoria Road in Clifton (supplied: Property24)

Dock Road – V&A Marina, Cape Town

Average cost per square metre: R90 000

A one bedroom apartment is on the market for R9,405,000 along Dock Road, V&A Waterfront. (supplied: Property24)

Nettleton Road – Clifton, Cape Town

Average cost per square metre: R87 000

This six bedroom house along Nettleton Road, on a 3 812 m² erf, is on the market for R200 million. (supplied: Property24)

Clifton Road – Clifton, Cape Town

Average cost per square metre: R85,000

A four bedroom house for Sale along Clifton Road for R49 million. (supplied: Property24)

Kloof Road – Clifton and Bantry Bay, Cape Town

Average cost per square metre: R84,000

This five bedroom home is on the market for R150 million in Clifton. (supplied: Property24)

Ave St Leon – Bantry Bay, Cape Town

Average cost per square metre: R80,000

This six bedroom home is for sale for R90 million in Bantry Bay. (supplied: Property24)

De Wet Road – Bantry Bay, Cape Town

Average cost per square metre: R78 000

A six bedroom house is for sale for R85 million in Bantry Bay. (supplied: Property24)

Ave Marina – Bantry Bay, Cape Town

Average cost per square metre: R76,000

This five bedroom home is on the market for R59 million in Bantry Bay. (supplied: Property24)

Ocean View Drive – Bantry Bay, Cape Town

Average cost per square metre: R75,000

A four bedroom house on the market for R59 million in Bantry Bay. (supplied: Property24)

If you are looking to purchase property in Cape Town consider using a buyers agent such as Space Homesearch, we represent the buyer sourcing the finest property in Cape Town negotiating the highest discounts. Remember Estate Agents are not independent and their sole objective is to get the highest price for their clients property.

Camps Bay Property International Appeal

Posted on: February 20th, 2018

Camps Bay the suburb with the highest property foreign buyer count in South Africa. Camps Bay Property.

It’s no surprise that this suburb on Cape Town’s Atlantic Seaboard draws people from around the world looking for superb property, pristine beaches, luxury hotels and top restaurants catering for a world of tastes.

camps bay property

The property landscape in Camps Bay suggests that foreign buyers are largely in the market for a seaside second home but the area also has ‘swallows’, part-time expats and retirees who choose this location for its undeniable lifestyle allure.

Foreign buyer data for Camps Bay Property via PropStats indicates that in 2016 there were 67 sales, 32.8% of which were foreign buyers, predominantly from the UK. In 2017, to date, there have been 40 sales, of which 25% were foreign buyers from no dominant destination.

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The scene in the Camps Bay property market is showing no signs of slowing down, which means this area will most likely retain its global appeal, as a prime property destination for luxury lifestyle connoisseurs.

As property buyers we have noticed over the years that a lot of the real estate in Camps Bay tends to be overpriced so you need to careful to study the market and look at the previous history of sales, also as a buyer you need to be aware of the strong south easter wind that hits the area in the summer months. Sheltered areas need to be a serious consideration when it comes to choosing the right location to buy in Camps Bay.

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Cape Town Property Sales Drying Up = Buyers Market

Posted on: February 7th, 2018

A year ago, there seemed to be no end to Cape Town’s ever-rising tide of house prices. Trophy properties in posh Atlantic seaboard suburbs and the V&A Waterfront were reaching dizzy heights of up to R200,000/m². A price tag of R100m or more was no longer unusual in the likes of Bantry Bay, Fresnaye, Camps Bay and Clifton. Upcountry buyers were flocking in droves to the Western Cape — at an average relocation rate of 10 families a day, according to Wesgro figures. But are Cape Town property sales drying up and does this make it a buyers market. Town Property Sales

The search for a more relaxed lifestyle in scenic surrounds, backed by a general perception that the city is far better governed, under the DA, than other metros, fuelled a boom that made house prices in many sought-after areas of Cape Town double over the past five years. A strong increase in foreign tourist arrivals further supported cape town property sales demand in these areas — so much so that in 2016 a German couple was happy to fork out a staggering R290m for a Bantry Bay mansion. The sale set a new record for SA house prices.

However, Cape Town’s housing party appears to have come to a halt now that the reality of the water crisis has set in and Day Zero looms ever closer. The City of Cape Town last week warned that if water consumption did not drop dramatically, municipal water supply to households would be turned off on April 12. Some commentators say Day Zero could arrive as early as March 3, given the severity of the drought.

Splurging R30m on a swanky Camps Bay or Clifton abode no doubt loses some of its allure with the realisation that taking a hot shower and a refreshing dip in a sparkling clean swimming pool or running your washing machine and dishwasher may all soon become a thing of the past. Of course, it’s not only the crisis that has put a lid on Cape Town’s property boom. Affordability issues also play a role. FNB property strategist John Loos says semi-gration to the Western Cape is no doubt losing momentum on the back of the widening gap in house prices between Cape Town and other SA cities. “New entrants are simply being priced out of the market,” says Loos. Cape Town Property Sales

Moreover, the image of the DA-run local and provincial government has been tarnished in recent weeks following the poor handling of the water crisis and internal wrangling among DA members have affected cape town property sales.

Industry players confirm that sales have already slowed markedly in upper-end suburbs, particularly on the Atlantic seaboard, the premier playground for the uber rich and arguably the city’s most popular second-home destination. Lew Geffen, chairman of Lew Geffen Sotheby’s International Realty, says sales volumes across Cape Town’s top-end suburbs are down around 30% year on year.

As a result, prices have already dropped in some suburbs and cape town property sales have slowed. Geffen refers to Lightstone Property’s latest figures, which show that in Fresnaye average house prices are down 1.76% in the three months ending November — from a 12-month average of R15.21m to R14.94m. Bantry Bay took a bigger knock, with the average sales price of R12.95m in the three months ending November being 15.9% lower than the annual average of R15.47m. In Sea Point and neighbouring Greenpoint, average prices dipped by 7.89% and 3.26% respectively over the same period — from R7.29m to R6.72m and from R7.29m to R7.05m. Geffen argues that it’s not the water crisis alone that is to blame for a turn in market sentiment but rather SA’s overall recessionary climate and low investor confidence.

Cape Town Property SalesThe time it takes to sell a house has also increased noticeably in some Atlantic seaboard areas. For instance, Seeff reports that it now takes around six months on average to find a buyer for a house in Camps Bay, up from around four months a year ago

Some properties are selling for as much as 20% below asking price,” says Seeff Atlantic seaboard agent Pola Jocum. She says sellers will have to become more realistic in their asking prices and stop using overpriced listings to guide their price expectations.

The only area in Cape Town where the taps are likely to remain on once Day Zero arrives is Cape Town’s inner city. Reddy says water supply to the CBD won’t be interrupted as it’s a key priority to keep economic activity intact in what is Cape Town’s main business hub. This is likely to provide a substantial boost to inner-city apartment sales, though local government still needs to map out the exact area where the taps will be kept open.

Basil Moraitis, Pam Golding Properties area manager for the Atlantic seaboard, says the company is already seeing more interest in CBD apartments. There is a rising trend of owners of larger stand-alone homes with pools and gardens opting for sectional title living, given the lower water consumption and maintenance requirements.

While some estate agents believe the drought-induced dip in Cape Town’s status as SA’s prime property and tourist destination may be shortlived, the Mother City may well face a prolonged period of stagnation with cape town property sales and growth.

Richard Day, Pam Golding Properties Cape regional head, says: “It’s too soon to say whether the water crisis will materially affect the desirability of Cape Town as a tourist destination or buyers’ decisions to relocate to the Mother City. It will depend on its effect on the local economy and social structures, and also the severity and duration of the crisis.”





Cape Town Property and the Water Crisis

Posted on: January 29th, 2018

Cape town property market :Capetonians are bracing for the onset of Day Zero – the day the City turns off the taps and residents will have to collect their 25-litre water ration at one of 200 public distribution points. Should this day arrive, the social and economic impact is predicted to be catastrophic. Could it also be the final straw that breaks the back of Cape Town’s particularly buoyant property market?

So far, we’ve seen little evidence of the water crisis affecting Cape Town property. Buyers are certainly more water-aware, and looking for homes that offer greater water security, but they haven’t been deterred from investing in our city as yet. While the market remains strong for now, it would be naïve to assume things will continue as normal come Day Zero. The situation, however, will not be as dire as many predict.

Different areas of the cape town property market will be affected in different ways, largely due to the different effects the crisis will have on the province’s various demographics. If we take the middle- to upper-end of the market, for example, I do think sales will start to slow. Semigration – a huge driving factor in this segment over the last few years – is unlikely to continue at the same rate until we resolve our water situation. That means we’re not going to have as many affluent Joburgers and Durbanites driving demand for luxury property, and prices could take a slight knock in the short term.

While existing owners are unlikely to be thrilled at that possibility, it could actually have a valuable normalising effect on this end of the market. We’ve seen double-figure capitalisation in Western Cape property over the last two years, and that kind of growth isn’t typically sustainable. Left unchecked, there’s a risk that property values would lose touch with their underlying economic fundamentals, and we’d end up in a bubble situation – something we definitely want to avoid.

Higher prices for first-time buyers

Entry-level properties may not see the same normalisation effect as their more expensive counterparts, however. In fact, first-time buyers in the Western Cape may face even higher prices thanks to the water crisis. There are two main factors that could affect the entry-level property market. The first is the likely influx of people that we’re going to see coming to Cape Town to look for work as our outlying rural and agricultural areas take strain. That movement would increase the need for affordable rentals, and could trigger increased demand for entry-level homes from buy-to-let investors.


The second factor is the effect the lack of water will have on construction. Far fewer developments are going to be approved by the municipality, which cuts down on the amount of new stock hitting the market. That could increase demand for existing entry-level units and push up prices. Of course, prices mean very little if no-one is buying property. Do Capetonians really have enough confidence in their city to continue making long-term investments?

South Africans are nothing if not resilient, and I think most Capetonians are very positive about sticking it out and making it through this crisis.

Affordability could be an issue in the short term, and we could see more activity from investors than homeowners in some parts of the market. In general, however, I think the positive political changes that we’ve seen on the national stage will do a lot to bolster consumer confidence, and if we can get through Day Zero, Cape Town’s property market will be just fine.

Printed Biz Community Jan 26th 2018

Cape Town Property Market Predictions for 2018

Posted on: January 15th, 2018

Cape Town Property Market : All in all, 2017 was a bad year for South Africa. As if credit rating downgrades, a lack of economic growth, growing reports of state capture, and soaring fuel and food prices weren’t enough, we also had to contend with a president who seemingly reshuffled his cabinet on a whim, removing respected ministers and replacing them with people with little or no experience in the key positions to which they had been appointed. The rand was severely affected by all this and as investor confidence dipped, so did the value of the currency.

The news that Cyril Ramaphosa had been elected president of the ANC was well received by the markets and the rand strengthened almost immediately. We are not out of the woods just yet, although rating agency Moody’s noted that Ramaphosa’s election opened up a tentative possibility of a ‘credit positive’ shift in SA policy and an increase in business confidence. Fitch on the other hand stated that although the full repercussions of Ramaphosa’s victory will be far-reaching, they are likely to remain unpredictable ahead of the 2019 elections.

We have collated some recent comments by leading real estate people in South Africa, here are a few snippets. Overall the summary is that 2018 will be a buyers market in the Cape Town Property Market.

cape town property market

Market Commentators Predictions for the Cape Town Property Market:

“Global financial markets have responded positively to Ramaphosa’s election, with the rand in particular rallying strongly, thereby reducing pressure on the Reserve Bank to raise interest rates. If the new ANC president is able to deliver on the market’s perceptions of a shift in SA’s political and hence economic fortunes, there is likely to be considerable pent-up demand for property – as both business and consumer confidence is likely to rebound strongly from current subdued levels.”

“When it comes to buoyancy in the property market, confidence is a major driver. The drop in the petrol price bodes well, and there’s encouraging talk about an interest rate cut…all clear confidence boosters. If the banks ease up on their stringent lending conditions this year, this will further stimulate the lower end of the market, and if stock levels subside at the higher end, we’ll see growth”

cape town property market

“Whereas it was a sellers’ market until early 2016, we saw a progressive shift in 2017 which manifested in lower demand, rising stock levels combined with a decline in buyer confidence, flat price growth and deals taking longer to conclude. The outcome is that we head into 2018 with a buyers market for most areas, even some Cape locations.“Even the stand-out Cape Town is beginning to slow down although it continues to benefit from a broad base of demand such as the constant flow of semi-grating buyers from other areas, investment and holiday demand”

“Fuelled by real demand, we predict that Cape Town will continue to see positive house price growth in 2018. While the very steep upward curve we are currently seeing may flatten marginally, Cape Town will remain a lucrative investment destination from both a capital growth and rental income perspective as the current growth is not a bubble”

cape town property market

Cape Town Prime Property What Can You Buy For $500,000 USD 400,000 GBP

Posted on: December 18th, 2017

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Property Buyers Agent Cape Town – Why use one ?

Posted on: December 13th, 2017

I came across an interesting article written by a property journalist in the UK which sums up nicely why more property buyers should retain a property buyers agent.

There are lots of property advertisements that bend the facts, that “emphasise the positive” and “underplay the negative” aspects of a property.

The net result of this is that potential buyers very quickly stop believing what the estate agents advertise and from the moment they enter a house, they’re determined not to be taken for a ride because they are suspicious about the estate agent’s motives.

If there was a lot more transparency in advertising then buyers might have a lot more confidence in the agent they’re dealing with.

Added to this is the principle that the estate agent is really working for the seller and always has a vested interest in making sure that they get as high a price as possible.

So of course the agent wants to persuade (if that’s the word) the buyer to increase his or her offer to secure the home they’ve been looking at.

In a lot of overseas markets there is a property sellers agent and a property buyers agent.

There are many hidden pit falls that no agent will tell you about when, for instance, you a looking at a beautiful house in Constantia, Cape Town Southern Suburbs on a Sunday at midday. Coming from London, how would you guess that to get to Cape Town City Centre on an ordinary working day you’d probably have to leave by 07:00 to make it into the office at 08:00 while out of rush hour this would take you only 20 minutes.

I would love to be told about these pitfalls well before I signed the offer – and I’m sure many other people like me would like to know about them too. And let’s not kid ourselves because the agent who is acting for the seller invariably knows exactly what the traffic patterns are like.

A property buyers agent would quickly warn me about these things – and warn anyone who was thinking of buying a property in one of those congested and overbuilt suburbs that there are just too many cars to fit on the roads at peak times.

I have no doubt, too, that banks and mortgage originators would welcome an agent acting for the buyer who was seeking a new property because they would have the added benefit of being certain that the rudimentary checks on the property were done.

They’d also have an independent “buyer’s evaluation” and that the price being asked represented fair value and that the house itself represented a fair condition.

The notion that a bank inspector is going to vouch for the property is complete nonsense: all he or she wants to determine is whether there is sufficient value in the property to adequately cover the amount being borrowed. Inspectors don’t care if the plumbing works, if the foundations are solid or the wiring is not working. That’s the buyer’s problem, not the bank’s.

So as a buyer you actually don’t have anyone protecting your investment for you: You have the agent acting for the seller trying to get you to increase your offer and you have the seller wanting as much cash as he or she can possibly muster from your account.

But who is acting for you?

There are buyers throughout the country who have the means to buy houses today and who are doing so on impetuous notion of kerb-appeal, perhaps backed by some scant knowledge of the property market (gleaned from friends and family). That’s it.

And I think that now, as the market becomes more sophisticated and more and more buyers emerge (particularly in the lower-priced sectors), there really is a need for an agent who will assist the buyer and provide a real, reliable and trustworthy service.

Buyers need as much guidance and protection as sellers do. And that applies in tough times and in good times.

Such a service as a property buyers agent will reduce the risk for the buyer, will protect the bank’s investment and will ensure that there are not a litany of complaints brought against estate agents.

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Western Cape Property Prices Outshine Rest of South Africa

Posted on: September 7th, 2017

The Western Cape property market including Cape Town is strong by national standards but are there limits to how long this market strength can continue.

The recent strength of the Western Cape housing market has been driven to a significant degree by demand from external sources, including buying by foreigners and more significantly by South African repeat home buyers migrating from other parts of the country.

This is a healthy driver of market strength caused by the province having managed to build a strong brand as a destination, which has a strong economy, is well managed and has a great lifestyle.

Property prices in Western Cape have increased by 54% over the past 5 years however in certain parts of Cape Town including The Atlantic Seaboard, City Bowl and Hout Bay have doubled in value.

John Loos property strategist from FNB has said that he did not believe the Western Cape had experienced an over exuberant and speculative home buying spree as the entire country had prior to 2008. He said Western Cape average house price inflation peaked at 10.8% in the first quarter, which was only marginally ahead of the prime rate percentage and therefore never created a massive “speculator’s paradise” as had happened at the height of the boom in 2004/2008

Cape Town Property Prices Have Exploded

Posted on: April 6th, 2017

Cape Town Property average prices on the Atlantic Seaboard in Cape Town have more than doubled since 2012, and are up nearly seven fold since 2001. And there’s no sign of a slowdown, yet, with a “massive” and still accelerating growth of 23% in the fourth quarter or last year.

Cape Town Property

Five areas of Cape Town Property out-performed the overall average house price growth seen across the metro over the past five years.

– Atlantic Seaboard ( Green Point to Hout Bay)
– City Bowl
– Eastern Suburbs (Woodstock, Salt River, Pine lands)
– Southern Suburbs ( Rondebosch to Muizenburg)
– Southern Peninsula ( Simon’s town Fish Hoek)

The trend of semigration to the Cape from especially Gauteng has certainly helped demand. Also for foreign buyers Cape Town still offers great value with a weak rand and superb lifestyle, however these buyers only count for a small percentage of overall buyers.

Property expert John Loos from FNB believes that a little over-exuberance has probably crept into the market, especially in the two regions ( City Bowl and Atlantic Seaboard) that have vastly outperformed the rest.

He points to topography as one of the obvious major supply-side drivers, but adds two others : the city’s “growing traffic congestion challenge” as well as “the fact that some of the city’s prime business and employment nodes, most notably the CBD and Claremont, are in close proximity to the mountain.

This should imply a longer-term shift in a portion of residential Cape Town Property demand towards areas closer in proximity to the Cape Peninsula, and we believe it has.