South Africans moving to the Western Cape have led to a huge boost to the property market, with the Blouberg area reaching new highs.
The Blouberg and Milnerton property market has benefited tremendously from the semigration boom, JP Ricketts a sales manager Seeff Blouberg noted.
He said that the market has seen property transactions worth R8.2 billion area over the last twelve months.
Ricketts said that there were 3,649 transactions conducted over the last year.
Lighstone data showed that 38% (1,394) of the 3,649 were buyers from elsewhere in the country.
“The market comprises about a 48/52 split between full title and sectional title sales. The average transaction price for full title is around R2.9 million, and at R1.566 million for sectional titles, but prices are area dependent,” Ricketts said.
He said that most semigration buyers are from the Gauteng metros and only 2% of confirmed sales over the last year were from international expats and investors.
West Coast towns
According to Seeff, West Coast towns over the last year have also seen a rise in sales of homes and apartments.
The areas of Langebaan, Yzerfontein, St Helena Bay and Elands Bay have seen a strong shift in sales activities during the market boom of 2021/2022.
Seeff noted that the migration of wealth to the West Coast is seeing prices of up to R8 million being paid for luxury homes in Langebaan.
According to Lightstone data, the Langebaan property market has seen transactions of over R1.3 billion from September 2023 to September 2024.
In areas like Yzerfontein and Paternoster, prices have doubled, while locations such as Langebaan, Malmesbury, and St Helena saw a marked increase. The data found that most towns experienced growth between 60% to high as 196% over the last ten years.
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