After two years of Covid being the main driving force behind property investment decisions, the war in Ukraine has added a new dynamic that is also fuelling the increase in foreign investors in Cape Town’s upmarket Constantiaberg region, where international sales have doubled in recent months.
According to agents, most of their recent sales were to buyers from Austria, the United Kingdom, Germany, Switzerland, the Netherlands and the US. The team added that most of these buyers invest in the luxury market, buying houses in the R10 million-plus price band. However, investors are also looking to purchase more compact, lock-up-and-go units for investment or retirement purposes.According to Lightstone data, the highest ever median house price has already been achieved this year in Greater Constantia when it reached R15.18 million by the end of March, which is notably higher than the previous high of R12.15 million in 2017.
“Most buyers in our area are buying into the Cape Town lifestyle and the proximity to a host of scenic amenities such as golf courses, mountain bike and hiking trails, beaches and sailing.”