The rich love the Cape

LUXURY LIVING: NUMBERS ADD UP, ESPECIALLY ON CONSTANTIA ESTATES

Province attractive to local and global property buyers due to good governance.

Luxury estate living is on the rise and the choice to live under a blanket of security, golf courses and full amenities is clearly seen in property markets in suburbs in the Western Cape, such as Constantia.

A report by Seeff Property Group shows Constantia has constantly seen growth in terms of both local and foreign buyers.

The company says Constantia has seen transactions of just less than R2 billion and a record number of R20 million-plus sales, the best numbers since the 2015-17 housing boom.

Other suburbs in the Western Cape which have seen consistent sale numbers are Sea Point and Bishopscourt.

The success of the province in producing luxury living in a country battling many social-economic challenges goes hand-inhand with the Western Cape’s good governance, more stability in the province and maintaining the roads and infrastructure, says Steve Thomas, secure estate specialist for Lew Geffen, Sotheby’s International Realty in Cape Town’s southern suburbs.

The report also found that some South Africans are less hesitant to leave the country, so they would rather invest in living in upmarket developments.

He adds this helps attract international buyers. However, more locals are seeing the difference in living in the Western Cape than in other provinces.

The province is frequently recognised by tourists as one of the best places to visit in world tourism.