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The latest StatsSA House Price Index reveals Cape Town’s property market is leaving the rest of the country in the dust, with house prices soaring an impressive 30% over the past five years.

With Cape Town dominating South Africa’s ultra-luxury property market, Camps Bay, Clifton, and Constantia remain hotspots for homes priced above R20 million.

The Seeff Property Group reports a record-breaking year, selling 20 such properties, including three that fetched over R50 million each. Notably, Gauteng buyers are leading the charge, purchasing more high-value homes in Cape Town than in Johannesburg’s elite suburbs, per The Citizen.

According to Propstats, nearly 120 properties priced over R20 million have been sold in Cape Town this year, amassing a staggering R3.6 billion in sales. Clifton and Camps Bay top the charts, with homes selling for up to R66 million, while the City Bowl neighbourhoods like Higgovale and Oranjezicht are also attracting local and international buyers willing to pay between R30 million and R43 million.

Ross Levin, a licensee for Seeff Atlantic Seaboard, Waterfront and City Bowl, notes a robust demand across all price brackets, with Camps Bay alone recording over R1 billion in sales. This surge cements Cape Town’s position as South Africa’s pinnacle of prestige in the property market.

Cape Town’s elite property market shines brighter than ever, with the city’s top ten suburbs flaunting average house prices exceeding R10 million. Leading the pack are Clifton at a staggering R43 million, Llandudno at R27 million, Camps Bay at R21 million, and Higgovale at R20 million—all solidifying their status as the pinnacle of luxury living.

These are the top 10 Cape Town suburbs by highest ave price for 2024 according to Seeff/Propstats:

1. Clifton (ave price R43m) – 11 sales from R20m to R66m (Gauteng buyer)
2. Llandudno (ave price R27m) – 5 sales from R20m to R45m (Dutch buyer)
3. Camps Bay (ave price R21m) – 16 sales from R20m to R68.25m (Dutch buyer)
4. Higgovale (ave price R20m) – 7 sales from R20m to R32.5m (Cape buyer)
5. Bishopscourt (ave price R19m) – 11 sales from R20m to R43.5m (Cape buyer)
6. Constantia Upper (ave price R18m) – 20 sales from R20m to R48m (Polish buyer)
7. Bantry Bay (ave price R17m) – 5 sales from R20m to R51m (Gauteng buyer)
8. Fresnaye (ave price R15m) – 4 sales from R20m to R45.9m (Cape buyer)
9. Waterfront (ave price R15m) – 9 sales from R20m to R50.4m (Cape buyer)
10. Oranjezicht (ave price R10m) 1 sale at R43m (UK buyer)

Francois Venter, lead agent for Seeff’s “The Uppers” is not surprised Constantia Upper and Bishopscourt rank in the top suburbs in Cape Town.

Constantia Upper already stands on over R1.4 billion in sales (excluding developments) this year with a significant 22 sales priced at over R20 million each this year with the Seeff team selling six of these, mostly to local buyers. In Bishopscourt, a notable 11 homes sold for over R20 million in Bishopscourt. The Estates also continue seeing strong prices with sales of R35 million and R39 million in Silverhurst Estate.

Cape Town’s “Uppers” suburbs have become a magnet for luxury homebuyers, boasting some of the highest volumes of premium sales in recent years, many of which occur discreetly through off-market transactions. These areas offer the perfect blend of exclusivity: proximity to top schools and UCT, lush, secure neighbourhoods, and exceptional property value growth.

Venter highlights a striking example—a Bishopscourt home sold for R14 million a decade ago is now on the market for R26 million, nearly doubling in value and underscoring the enduring appeal of Cape Town’s high-end property market.

Cape Town’s property market continues to outshine the rest of the country, with a remarkable 30% surge in house prices over the past five years, far eclipsing Johannesburg’s modest 8.6% growth. While Johannesburg saw a 1.3% decline last year, Cape Town recorded a steady 6% increase, reflecting its resilience and appeal.

This strong performance comes down to great service delivery, well-kept infrastructure, and a lifestyle that combines stunning natural beauty with urban convenience—making Cape Town not just a dream destination but a prime spot for property investment and value growth.

[source:citizen]