Cape Atlantic Seaboard high-end properties shortage proves we’re not all struggling

The Western Cape is currently experiencing some of the lowest levels of stock in terms of housing along its coastlines.

This is according to Basil Moraitis, regional manager for Pam Golding Properties in the Western Cape, who confirmed that in December 2022 alone, they saw sales to the value of R200 million, include the sale of two high-end properties from R20 million upwards.

Moraitis said: “The lifestyle and natural scenic beauty of Cape Town, and in particular the prime Atlantic Seaboard coastal strip, between Table Mountain and the Atlantic Ocean, resonates with home buyers around the country and globally.

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“The market post-Covid lockdowns has been driven mainly by primary home buyers and also international buyers looking for a place in the sun during the Northern European winter months.

“A relatively new trend is for buyers from Finland looking for a bolt-hole far away from the conflicts and war in Eastern Europe. 

“As stock levels reduce, as they have currently, we are starting to see investors returning to the market looking at hospitality products for the Airbnb markets. In fact, we are currently experiencing some of the lowest levels of stock in the Western Cape in a decade,” he said.

Post-covid, people want to live their best lives

He believes that it was possibly Covid-19 that is perpetuating this trend with people wanting to live their best lives now and in the place that makes them happiest. International buyers include those who have made the decision to spend more time in Cape Town away from the winter and uncertainty in Europe as a result of the war in Ukraine.

Holiday rental surges: Big spenders go all in

Arno de Wit, Pam Golding Properties rentals manager confirmed that they experienced a boom in holiday rentals over the festive season as local and international visitors returned in their thousands.

“We concluded a number of holiday lets over December with five of our most recent including, a seven-bedroom villa in Constantia let at R30 000 per night for 17 nights, a four-bedroom house in Green Point let at R135 000 per month for a three-month lease period, a four-bedroom villa in Camps Bay let at R25 000 per night for 10 nights, a four-bedroom villa in Camps Bay let at R15 000 per night for 11 nights as well as a a three-bedroom house in Silvermist Estate in Hout Bay let at R8000 per night for 7 nights.”

De Wit says with Cape Town recently voted one of the top 10 World’s Best Cities with various online polls it is no surprise that the Mother City remains a popular hotspot for many tourists.

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“Camps Bay with its vibrant, cosmopolitan beach strip packed with trendy restaurants and night spots, remains a firm favourite for holiday rentals. Most of the enquiries are from overseas visitors, looking for villas with contemporary, luxurious finishes, fast internet connectivity, good security and a swimming pool. The weak rand has also been an additional draw card for foreign tourists,” De Wit concluded.