19 Nov
2018

Cape Property Market Update


property market

The Cape Town Property market experienced a 6-month slowdown at the start of the year in the midst of political uncertainty pre-Zuma’s departure, coupled with economic uncertainty, fraud, corruption and the worst drought in 100 years

This resulted in a real slowdown of the volume of sales resulting in what is called a “buyers“ market where there is an oversupply of homes for sale, leaving sellers in a strong position to negotiate higher prices for the homes they are selling. The savvy buyers out there took this opportunity to invest while the less serious sellers withdrew their properties from the market. In many instances, overheated prices were corrected.

As a result of these price corrections over the last 6 months coupled with a “declutter of overpriced stock” , a new forward-thinking President; Cyril Ramaposa, and Pravin Gordon’s active role in addressing fraud and corruption in the ParaStatals, the easing of the drought in the Western Cape as well as the weakening of the currency, we are fast seeing a market correction with the volume of homes being sold increasing in all Cape Town suburbs like Llandudno, Hout Bay, Steenberg, Constantia and Tokai.

With the active PR support of the Western Cape Dept of Tourism  promoting our beautiful Cape as well as a relaxation of the onerous visa regulation which previously prevented tourism we look forward to a Bumper Summer Property Market

For an updated market valuation of your home for sale or rent please don’t hesitate to contact our team of area experts. We look forward to working together to satisfy your needs.

 

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