In the property sector, there has been a notable increase in the interest in lifestyle properties.
This is according to Arnold Maritz, Co-Principal of Lew Geffen Sotheby’s International Realty.
These lifestyle properties encompass a range from luxury holiday homes to small game or wine farms and exclusive estates. They are often used for upmarket enterprises such as boutique hotels, spas, and sanctuaries.
Maritz said that Cape Town has also become a popular destination for digital nomads who earn foreign currency whilst enjoying the city’s lifestyle, especially during the summer months.
“The current view, especially of HNW buyers, is that the Cape Town property market remains extremely attractive, relatively cheap by international standards and, with the City’s record of good governance, there is far less concern in terms of currency stability, civil unrest and service delivery and they are happy to spend up to R25 million or even beyond,” Maritz said.
According to Maritz, within the past year their office has brokered numerous sales to HNWI (high-net-worth individuals) foreign buyers who purchased homes in the excess of R20 million.
There has also interest in upcountry buyers looking for residential and business premises, including lifestyle properties in areas like Constantiaberg.
Constantiaberg has long been an aspirational residential and tourism area for locals and foreigners because it offers the best of both worlds – a tranquil country lifestyle with every modern convenience and a host of world-class amenities.
With lifestyle and climate being crucial elements and key drivers of the most active sectors, it’s no wonder that so many locals and foreigners alike consider the country the ideal destination for a holiday, a retreat, or an adventure.
The Knight Frank Wealth Report 2024 showed that there has been a 12.3% rise in the price of Cape Town luxury properties.
Nick Gaertner, Director and COO of Knight Frank South Africa said: "The favourable currency for foreigners, as well as unmatched value for money lifestyle continues to attract both local and international buyers to Cape Town.“
According to Gaertner, because the city is well managed and its prime location regarding its proximity to some of the world’s best known winelands, mountain trails and Blue Flag beaches, are factors that make Cape Town attractive.
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