Seeff Property Group data reveals a strong year for the Cape Town Metro in 2024, with over 144 properties sold for more than R20 million, totalling a combined value of R4.4 billion.
Notably, 14 of these properties exceeded the R50 million mark, including a R66 million villa in Fresnaye, sold by Seeff in December.
Seeff alone sold about 24 properties over R20 million, including four shared sales across the Atlantic Seaboard and Southern Suburbs.
The highest volume of R20 million-plus sales on the Atlantic Seaboard were in Camps Bay where Seeff sold at least eight such properties, said Ross Levin, licensee for Seeff Atlantic Seaboard.
Lightstone data reveals that property transactions in the Cape Town Metro reached approximately 39,437 units, with a total value of nearly R82.3 billion for 2024.
This marks an average price of R2.08 million, compared to R1.4 million in 2020, reflecting a remarkable 48% price growth over the past five years. According to StatsSA, price growth for the year was around 5%-7%.
In comparison, Lightstone data shows the average transaction price in Johannesburg is R1.36 million, in Tshwane/Pretoria R1.35 million, and in Durban R1.42 million.
At least 21 Cape neighbourhoods boasted at least 10 sales over R10 million, including those located in Somerset West (Erinvale), and Stellenbosch (De Zalze and Mostertsdrift), as well as George (Fancourt) on the Garden Route.
At least 15 Cape Town suburbs boast sales over R20 million. The growth in high value sales has been notable since 2020.
The Atlantic Seaboard boasts the highest number of suburbs with high value sales including Clifton, Camps Bay, Bantry Bay, Fresnaye, Llandudno, Mouille Point and The Waterfront on the Atlantic Seaboard as well as Tamboerskloof, Oranjezicht and Higgovale in the City Bowl.
Levin says further that sales have boomed over the summer with Seeff achieving a record sales month in December of R214.4 million for the Atlantic Seaboard and City Bowl areas.
He noted that the market has had an impressive start to 2025. Seeff is currently handling several high-value deals, anticipating another strong closing in February, with substantial interest in properties over R40 million, including transactions in the R100 million-plus range.
These buyers are predominantly international investors already in the country, undeterred by negative rhetoric surrounding South Africa. They are familiar with the country and confident in their decision to further invest in Cape Town property.
While high value buyers over R20 million have been predominantly local Cape buyers who continue showing their confidence in the metro by investing in property, but also buyers from Gauteng and KZN who are investing in property in the City.
Additionally, international buyers from the UK, Germany and northern European countries especially have bought property in the City during the last year, along with many other internationals, including the UAE, Saudi Arabia, Australia, Russia, Mauritius, Zambia and Zimbabwe.
Samuel Seeff, chairman of the Seeff Property Group believes that the Cape will again emerge as the strongest market this year.
Aside from locals, the continued influx of semigration and international buyers will continue to support the market. Stock shortages across most areas now present excellent opportunities for sellers to capitalise on the current market.
