Houses for sale in Cape Town : Cape Town Property : Property24.com (2024)

FAQs

Is now a good time to buy property in Cape Town? ›

Vann-Herbert says that property prices in Cape Town have not yet reached pre-Covid heights, making it a great time to buy, especially as those with hard currency can also benefit from the weakness of the rand. The local currency is exceptionally volatile, but its long-term trend is clear: since 1975, when it was R3.

Neighbourhood experts agree that the increasing growth is far more likely a result of the exclusivity of limited availability combined with a unique and luxurious lifestyle that is difficult to find anywhere else.

Don't be fashionably late to the Real Estate Party. 2024 is poised to be an exciting time for homeowners. The tide is turning, and so is South Africa's property market. Like a child taking its first steps with cautious optimism, South Africa is beginning to see signs of growth within its real estate market.

Foreigners are free to buy property in South Africa without restrictions, subject to meeting the visa requirements to live and work in the country. Expats with a criminal record are not permitted to buy property. As in other countries, you must provide a range of documents to buy a home in South Africa.

High crime rate: Cape Town has a relatively high crime rate compared to other cities in South Africa. Visitors and residents need to take precautions, especially in areas with a reputation for crime. Water shortage: Cape Town has experienced severe water shortages in recent years due to drought conditions.

Bishopscourt is the Southern Suburbs's lesser-known millionaire and billionaire haven. The area houses many of the most generously appointed estates with even more generous acreage and borders Kirstenbosch Botanical Gardens, which explains its notoriety for being a green and leafy suburb.

The southern suburbs of Cape Town. Around 10km south of the city center around the back of Table Mountain, the southern Cape Town suburbs are more packed with expats than the suburbs in the north.

How Much Does It Cost to Live in Cape Town? Living in Cape Town for a single person costs about R10,877.4 for living expenses and between R8,002 and R12,054 for rent. A family of four can expect to pay about R38,128 for general living expenses plus R15,921 to R25,129 for a three-bedroom apartment.

Most middle/upper middle class areas are in Cape town. In the Southern suburbs, Claremont, Newlands, Pinelands(borders on the north and south, quite a “family" orientated neighbourhoods.

Is it cheaper to build or buy a house in Cape Town? ›

Cheaper to buy or build: A rundown of the costs

Data shows that building a home costs 20-30% more on average. It shouldn't come as a surprise to anyone that building a new home is more expensive. However, in the long-term, it can save money by: Eliminating the need for costly renovation..

Yes, Cape Town is an excellent place for real estate investment due to its strong property market, high return on investment, and ongoing development projects.

Cape Town is also a lot cheaper to live in than many international cities and has a climate many Northerners can only dream of. South Africans, too, have good reason to make the move. For adventure activities and culture, work opportunities, world-class education, and a good bit more.

Yes, Cape Town is an excellent place for real estate investment due to its strong property market, high return on investment, and ongoing development projects.

You Can Capitalise on Relatively Low Interest Rates

As of April 2024, interest rates were still at 11,75%, where they were a year ago. However, this still sits below the average of 13% - 15,5%. This means now's a good time to invest in property before the interest rates increase.

The latter half of 2024 might just be a golden opportunity for buyers. After several years of rapid price increases, property prices are stabilizing, making previously unaffordable areas more accessible. This shift is particularly beneficial for first-time buyers and investors looking to expand their portfolios.

Over the previous five years, Cape Town residential prices rose by 30%, while Johannesburg prices grew only 8.6% - the weakest of all the metropolitan areas. Overall, SA residential prices increased by 3.5% in the 12 months to March 2024, which is an improvement on 3.1% in February 2024.