Coastal towns along the Western Cape, Eastern Cape, and KwaZulu-Natal have defied national trends in property sales and pricing, according to data from Lightstone, a provider of property analytics.
While sales volumes across the country dropped by 5% in 2023 compared to 2019, homeowners paid 25% more for properties on average during the same period.
In the Western Cape, the property market outperformed the national averages. Sales volumes rose by 6% from 2019 to 2023, and prices increased by 39%. Excluding Cape Town, sales volumes surged by 10%, and prices rose by 43%.
Plettenberg Bay in the Garden Route stood out with a significant increase in property sales. While regional sales volumes decreased by 4%, average sales prices in most coastal towns continued to climb.
Along the Whale Coast, including Hermanus, Franskraalstrand, and Gansbaai, sales volumes were up by 7%. Milnerton and Hout Bay were key drivers of a 7% increase in Cape Town and its surrounding areas, while Langebaan, St Helena Bay, and Laaiplek saw the most transactions on the West Coast, with a regional sales increase of 11%.
In the Garden Route, Herolds Bay saw a major price hike, with average sales prices increasing from just under R2 million in 2019 to over R4 million in 2023. Grotto Bay, located in the West Coast District, also had some of the highest average prices in the region.
In the Eastern Cape, sales volumes grew by 25% between 2019 and 2023, with an average price increase of 17%. Excluding Port Elizabeth and East London, sales volumes increased by 25%, while prices climbed by 17%.
When including these metros, the numbers shifted slightly: sales volumes dropped by 3%, but average prices rose by 21%, closing in on the national average increase of 25%.
Popular coastal spots like Gonubie and Jeffreys Bay saw the largest sales volume increases, while St Francis Bay and Cape St Francis led in price growth.
From Gqeberha to Oyster Bay, average sales prices were higher than those along the East London coastline.
In KwaZulu-Natal, the property market remained flat, except in the areas of Margate, Salt Rock, and Umhlanga, where sales performed better. Sales volumes overall dropped by 12%, but property values increased by 19%.
Excluding Durban, sales volumes fell by only 4%, with prices increasing by 14%, suggesting a trend toward higher-value transactions in smaller coastal towns.
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