The Western Cape is currently experiencing some of the lowest levels of housing stock on the coast.
This is according to Basil Moraitis, regional manager for Pam Golding Properties in the Western Cape, who confirmed that in December 2022 alone, they saw sales worth R200 million, including the sale of two high-end properties from R20 million upwards.
Moraitis said: “Cape Town’s lifestyle and natural beauty, and especially the main Atlantic Seaboard coastline, between Table Mountain and the Atlantic Ocean, appeals to homebuyers across the country and globally.
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“The key post-Covid market has been driven mainly by primary home buyers as well as international buyers looking for a place in the sun during the Northern European winter months.
“A relatively new trend for buyers from Finland looking for a bolt hole away from the conflict and war in Eastern Europe.
“When the stock level is reduced, as it is now, we start to see investors return to the market looking at hospitality products for the Airbnb market. In fact, we are currently experiencing some of the lowest stock levels in the Western Cape in ten years,” he said.
Post-covid, people want to live their best life
He believes that it may be Covid-19 that continues this trend with people who want to live their best life now and in the place that makes them happiest. International buyers are among those who have made the decision to spend more time in Cape Town away from the winter and uncertainty in Europe as a result of the war in Ukraine.
Vacation rentals are on the rise: Big spenders are going all in
Arno de Wit, Pam Golding Properties rentals manager confirmed that they experienced a boom in holiday rentals over the festive season as local and international visitors return in thousands.
“We completed several holiday lettings through December with our latest five including, a seven-bedroom villa in Constantia let at R30 000 per night for 17 nights, a four-bedroom house at Green Point let at R135 000 per month for a three rental period a month, a four-bedroom Villa in Camps Bay let at R25 000 per night for 10 nights, a four-bedroom Villa at Camps Bay let at R15 000 per night for 11 nights also aa three-bedroom house. in Silvermist Estate in Hout Bay , priced at R8000 per night for 7 nights.
De Wit said with Cape Town recently voted one of the top 10 best cities in the world by various online polls it is no surprise that the Mother City remains a popular hotspot for many tourists.
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“Cams Bay with its vibrant cosmopolitan coastline packed with trendy restaurants and night spots, remains a favorite for holiday rentals. Most inquiries come from overseas visitors, looking for villas with contemporary, luxurious finishes, fast internet connectivity, good security and a swimming pool “The weak rand is also an additional draw for foreign tourists,” concluded De Wit.