Luxury Property Market in South Africa Sees Surge in International Interest – Insights from Andrew Golding
Luxury real estate in South Africa is experiencing a surge in interest among high net-worth buyers, both local and international, amidst global uncertainty. According to Andrew Golding, the chief executive of Pam Golding Property group, sought-after locations in the country are seeing significant attention from affluent buyers.
Specifically, Cape Town has emerged as a hot spot for luxury property sales, with international buyers showing particular interest in the city’s natural beauty and lifestyle offerings. Properties in the Southern Suburbs and Atlantic Seaboard have been selling for prices exceeding R20m, with some going as high as R90m. A recent sale in Constantia achieved the full asking price of R54m, showcasing the high demand for premium properties in the region.
Golding notes that overseas buyers, primarily from traditional European markets, are increasingly drawn to South Africa’s top-end property market due to geopolitical factors and the value proposition compared to global markets. Additionally, a growing number of semigrators are choosing to relocate to the Cape for its quality of life, supported by infrastructure investments and lifestyle attractions.
In February 2024 alone, Pam Golding Properties concluded sales worth a record R618m in Cape Town’s key regions, reflecting the sustained demand for residential properties across all price points. In the Boland region, affluent buyers, including UK purchasers, are investing in prestigious estates like Val de Vie for upwards of R25m.
Beyond Cape Town, regions like the Garden Route and Gauteng are also witnessing heightened interest from high-net worth buyers looking to either relocate or invest in luxury properties. Estates like Monaghan Farm, Blair Atholl, and Dainfern Estate in Gauteng are particularly popular, offering security, amenities, and a luxurious lifestyle.
The market insights provided by Golding indicate a positive outlook for prime properties in South Africa, with notable interest from both local and international buyers. From Steyn City in Fourways to La Lucia and uMhlanga in KwaZulu-Natal, luxury real estate continues to attract discerning buyers seeking modern homes in exclusive locations.
Overall, the luxury residential property market in South Africa is thriving, fueled by a combination of local demand, international interest, and the country’s unique appeal as a lifestyle destination for high net-worth individuals.
