The recent findings from the Lightstone’s Cape Town Property Market 2019 overview show a steady increase in property values, with indications that this growth will continue over time.
Lightstone’s analysis includes the data from nearly eight million registered properties across South Africa, 83% of which are residential properties and 17% non-residential. The total of 6.7 million residential properties are valued at R5.4 trillion, a figure which is heavily supported by the R2 trillion Gauteng market.
Freehold properties remain the largest percentage of this figure at 67%, estates follow at 18.3% and sectional title at 14.2%. Estates consist of a much higher proportion of total value vs. volume as these properties are on average valued at three times more than normal freehold properties.
Gauteng is still the province with the densest portion of total residential properties in both value and volume:
In a municipal breakdown, the following list includes the top five South African municipalities in terms of value:
As it stands, the Western Cape and Gauteng feature the larger proportion of properties and total value with more than 50% of the national market value captured in these two provinces.
In Johannesburg, the suburbs of Bryanston, Morningside and Midstream are the highest valued suburbs, and in Cape Town, Sea Point, Rondebosch and Fresnaye are the areas that capture the most value.
In an interesting finding, Umhlanga in KwaZulu-Natal also features amongst the top ten suburbs with the highest value countrywide.
Additionally, Lightstone data reveals the most expensive streets and suburbs in Cape Town, with the highest valued street being Beauvais Road in Bel Ombre with an average value of R43. 7 million per property.
Llandudno is the suburb with the highest value of R 19.3 million per property, on average. Like previous years, Cape Town’s property growth remains above the national average. The top three inflationary growth suburbs in the Western Cape over the last 12 months are Sillwood Heights, Voëlklip and Hospital Hill.
One of the most encouraging findings in the Lightstone analysis is that the number of single female buyers has increased to over 71 727 in 2018, a figure which is almost 10 000 more than their male counterparts who only account for 62 032 of homes purchased over the last 12 months.
Male buyers do, however, still on average buy properties with a higher value than female buyers.
As a bustling cosmopolitan province, Lightstone notes Cape Town should continue to show steadfast and reliable growth in the years to come.
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