We’ve seen a marked increase in the number of foreign buyers looking to purchase in the area, both as holiday homes and people looking to immigrate to South Africa.
The chart below clearly shows the increase in activity in the Camps Bay market (especially in full title properties). 16 of the 18 apartments sold in June 2019 were a single transaction (the sale of the Woodlands apartment block in Upper Tree Road).
Per square meter pricing of both full title and sectional title properties is materially down, and the average for the past twelve months is approximately R45,000 per sqm (down from approximately R60,000 two to three years ago).
Clifton is also experiencing increased activity, and although the volumes are not increasing as fast, the prices being achieved have been encouraging and appear to be rebounding quickly.