Despite the economic effects of Covid-19, Gautengers are purchasing trophy homes on Cape Town's Atlantic seaboard.
“This is testimony to Cape Town’s growing international acclaim as a destination of choice for semigration and international buyers. The increase in direct flights to Cape Town will further boost interest in property in the city which is good for the local economy,” Levin said.Levin said 80% of the trophy home sales in Cape Town were on the Atlantic seaboard — in Camps Bay, Clifton, Bantry Bay, Fresnaye and at the Waterfront.
“Homes valued at more than R50m are under construction,” said Levin, adding, “Trophy homes valued at more than R20m have also sold like hot cakes in Constantia and Bishopscourt.” According to Francois Venter, luxury market specialist for Seeff southern suburbs, the market for luxury homes across the “uppers” areas remains active. In Constantia, 35 homes valued at more than R20m have sold since the start of last year, while Bishopscourt clocked up eight high-value sales priced above R20m.”
According to Levin, the Cape Town market is set to heat up further during the busy summer period when international and semigration buyer enquiries tend to pick up. He also expects the Cape Town market should be able to withstand the economic pressures a better compared to the rest of the country.