The residential market in the picturesque ocean-side suburb of Noordhoek is experiencing remarkable growth, with a surge in property values well above inflation, a shrinking gap between asking and selling prices, and a significant reduction in the time homes spend on the market.
Based on data from Propstats, in 2021, the average home price was R5.3 million, 8.2% below the asking price, with properties taking an average of 157 days to sell.
By 31 August 2024, the average price had jumped by 68% to R8.65 million, with homes selling just 4.2% below the asking price, and typically being sold within 66 days.
In 2021, only four homes sold for over R10 million, and none exceeded R20 million. However, in the first eight months of 2024, 12 homes sold for more than R10 million, with two breaking the R20 million mark.
“Noordhoek is hotter than ever at the moment,” said to Lilian Bron and Helen Smith, partner area specialists for Lew Geffen Sotheby’s International Realty.
"Several of our recent sales have been at the full asking price, and at least four properties sold within 14 days of being listed, including one R13.5 million home that sold at full price in just 48 hours."
The duo attributes the rise in demand to several factors, including semigration and increasing interest from foreign investors.
"These buyers currently make up the majority of our clientele, with our last eight sales being to German, British, and upcountry investors."
They further elaborate: "Two sales were to German couples relocating to South Africa, while three homes went to British buyers—one as a primary residence, another as a holiday home, and one as a repeat purchase after moving from the UK.
Other sales were to South African residents of European descent, relocating from other regions."
Noordhoek's unique appeal has always been its blend of coastal village charm and equestrian country living.
Its proximity to Cape Town, quality schools, healthcare, and other amenities have long attracted those seeking a more peaceful lifestyle.
More recently, Noordhoek’s reputation as an eco-conscious community has become an equally strong drawcard.
The area is known for its pioneering eco-estates and strict development policies that prevent overcrowding, with minimum erf sizes of 1000m² outside gated communities.
Bron and Smith said that the local community is also actively involved in preserving Noordhoek’s environment, with groups like the Noordhoek Environmental Action Group (NEAG) and the Noordhoek Ratepayers Association (NRA) working hard to resist overdevelopment.
As a result, Noordhoek offers an unspoiled natural environment, increasingly attracting buyers who value this rare quality.
“In a world where urbanisation and overdevelopment are rampant, Noordhoek’s pristine environment has become a significant selling point for investors from upcountry and abroad," they added.
"It’s becoming a highly sought-after enclave for affluent buyers looking for the best of both worlds: a serene country lifestyle with the convenience of city access."
Comments