Are you serious about selling?
PUBLISHED 6 FEB 2019
Should you sell your Cape Town property or wait it out? Before you make a decision, read this!
The Western Cape’s housing market outperformed other provinces for years - and now the market is cooling down. If you’re thinking of selling your residential property in Cape Town, you may be wondering if now is the right time.
How long will the market remain slow, and how will that affect your life plans? Let’s find out what’s happening in the world of Cape realty and help you make the best decision you can.
After a fantastic run, Cape realty takes a breather
Residential properties in Cape Town have become world famous for their solid returns, attracting investors from every corner of the globe.
South Africa’s robust economic performance in the late 1990s and 2000s kick-started the trend, with the 2010 FIFA World Cup putting Cape Town on the world map for good.
Unfortunately, the damage done by state capture is proving hard to shake off. With a slow-growing economy and rising debt levels, South Africa has seen its luxury property market lose steam.
For homeowners in the luxury bracket, now may be a good time to hold on to their investments and wait out the slowdown.
Affordable homes show the best growth
While the Western Cape property market slows down, markets in Gauteng and KZN are picking up - but not in the luxury bracket.
Homes under R3 million are seeing the quickest price growth, making it a good opportunity for owners of affordable homes to put their properties on the market.
In Cape Town, as in other cities, buyers are showing a preference for smaller properties. Sectional title units and homes in estates are especially popular.
Markets rise and fall like the ocean - you just need to stay afloat
If you own an estate property or a lock-up-and-go sectional title unit, you probably won’t wait long to find a buyer in Cape Town at the moment. A large luxury home may take longer to sell, depending on its location. You may also wait longer depending on your asking price.
The important thing to remember is this: the market will always have ups and downs, and they won’t last forever.
If you’re wondering whether now is the right time to sell, contact the Cape Realty team today. We’ll help you to value your property realistically and decide whether now is the best time to put it on the market.
Image Credit: https://pixabay.com/en/key-home-house-estate-business-2323278/