A large uptick in high-end property sales in Constantia was recorded over the past three years, indicating strong demand for the luxury market.
Also read: Constantia: Where vineyards meet luxury living and natural beauty
Rouvaun McKirby and Joanna Thomas from Lew Geffen Sotheby’s International Realty say they’ve seen increased interest from wealthy upcountry buyers and UK and European investors, noting that some sales topped R40 million.
‘Although Constantia has always been popular with swallows, historically, high-net-worth individuals, particularly those from Europe, favoured investing in luxury properties within their (…) continent, and renowned cities like London, Paris, and Monaco have held a timeless appeal.’
‘However, recent geopolitical uncertainties, economic fluctuations, and shifts in global dynamics have compelled investors to rethink their real estate portfolios, and many are now looking at Cape Town.’
Cape {town} Etc discount: Looking for things to do in the city at half the price? Get exclusive offers here.
According to the latest Propstats data, 72 (9.72%) of houses sold in Upper Constantia in 2018 were above R20 million. This is a large jump from 2021, when only 13 of the 102 homes went on sale for more than R20 million.
‘In 2022, we (…) began to see the shifting trend with a significant spike in high ticket sales. Of the 85 house sales in Upper Constantia that year, 20 were priced above R20 million, with the highest sale price being R100m for one of the last remaining farms,’ the realtors told BusinessTech.
‘And this year, by the end of May, 31 houses had been sold with 11 (35.48%) properties being in the R20 million plus price band.’
According to McKirby and Thomas, the historic stability of residential property is attractive for investors during economic uncertainty, especially since the luxury property market tends to operate independently of general market trends.
‘The favourable exchange rate and Constantia’s unique blend of rural tranquillity and urban convenience, with world-class restaurants, wineries, golf courses and outdoor activities right on the doorstep, make Constantia an attractive investment for these buyers.’
Unleash your inner explorer with these incredible car deals, all priced under R100 000. Find car listings here.
Also read:
Picture: Grant Durr / Unsplash