Property experts have highlighted a major increase in foreigners buying up property in Cape Town, with some noting as much as 32% of sales going to international buyers in some areas in the first quarter of 2024.
She also mentioned that properties in areas such as Higgovale, Sea Point, and the V&A Waterfront, as well as smaller luxury apartments and mixed-use developments near the fringes of the CBD, are attracting great interest.The managing director of Lew Geffen Sotheby’s International Realty, Andre Coetzee, stated that many people purchase properties in South Africa to avoid the European winter and typically stay in the country for three to six months annually.
Horne also highlighted that the favourable currency for foreigners, as well as the unmatched value-for-money lifestyle on offer, continues to attract international buyers from the UAE, UK, Europe, and even other African countries. Other reasons include the warm climate, picturesque landscapes, and beautiful beaches, which provide an attractive living environment for retirees.