Fancy owning a home in Camps Bay? How about Sea Point or Blouberg? Well, you're not the only one, according to this report. Here are the most sought-after neighbourhoods to live in in South Africa.
The COVID pandemic has been an enormous boost for property with the low-interest rate and favourable mortgage conditions driving many areas to the highest sales in five years and record highs across many neighbourhoods according to the Seeff Property Group.
Protea Glen achieved the highest transaction volumes since 2016 driven by young and family buyers, especially in the R400,000 to R1.5 million range according to Seeff Soweto. Bryanston achieved a 7-year high in transaction volumes and a total market value of almost R3bn. Homes have sold from around R1.2 million for apartments to over R20 million according to Charles Vining, MD for Seeff Sandton.
Waterkloof Ridge achieved a total transaction value of R1.3 billion and steady YoY price appreciation. Fabulous views and grand homes are a big drawcard for luxury buyers in the suburb according to Gerhard van der Linde, managing director for Seeff Pretoria East.Umhlanga enjoyed a formidable year with transactions of close to R3 billion.
Camps Bay also achieved the highest activity since the last boom and a record number of R20m-plus sales. Due to the higher volume of high-value of sales, the average selling price accelerated to R18.2 million , he says.
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