Cape’s Atlantic seaboard luxury property market booms amid stock shortages

SOUTH AFRICA – The Cape’s Atlantic Seaboard residential property market has seen a strong start to the summer season, driven by rising demand for luxury homes and limited stock, according to Basil Moraitis, regional head for Pam Golding Properties in the Western Cape.

According to Basil Moraitis, the December 2024 trading period remained consistently busy, highlighting the sustained demand for Cape Town’s Atlantic Seaboard, especially for premium luxury properties.

He noted that January 2025 surpassed December in activity, with February also showing promising sales figures.

Currently, there is a waiting list of qualified local and international buyers eager to secure a property along this coveted coastline.

Properties boasting prime locations with excellent views and proximity to amenities such as beaches, the central city, and the V&A Waterfront have been selling rapidly, indicating a shift back to a seller’s market.

Notable sales in January 2025 include homes in Clifton sold for ZAR 47 million (US$2.56 million) to a local buyer and ZAR 46.5 million (US$2.53 million) to a German buyer, as well as a property in Camps Bay purchased by a UK buyer for ZAR 55 million (US$3 million).

Moraitis highlighted that the Camps Bay office, strategically located on Victoria Road, attracts numerous walk-in clients interested in acquiring prime real estate near world-class beaches and restaurants.

The demand is so high that there’s virtually no available stock in the V&A Waterfront; in fact, no properties have been sold in this market over the past three months due to the lack of available residential listings.

Prime real estate in the V&A Waterfront ranges from approximately ZAR 15 million to ZAR 75 million (US$820,000 to US$4.1 million); a three-bedroom apartment in Clifton is listed between ZAR 35 million and ZAR 50 million (US$1.9 million to US$2.7 million), and villas in Camps Bay vary from ZAR 20 million to ZAR 55 million (US$1.1 million to US$3 million).

A standout statistic from 2024 is the median price of ZAR 18.875 million (about US$1 million) achieved in the market for homes in the ZAR 10 million-plus (US$540,000) price band in upmarket Fresnaye.

In areas like Mouille Point and De Waterkant, median sales prices in the ZAR 5 million to ZAR 10 million (US$270,000 to US$540,000) range have increased by 14.2% and 17.3%, respectively, compared to the previous year.

In January, significant sales in Mouille Point included apartments sold for ZAR 6.8 million (approximately US$370,000), ZAR 6.1 million (about US$330,000), ZAR 5.8 million (around US$315,000), ZAR 4.95 million (roughly US$270,000), and ZAR 3.125 million (close to US$170,000) for compact one or two-bedroom units.

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