Pam Golding Properties said that many South Africans still aspire to living in "cosmopolitan" Cape Town and foreign buyers are enticed by the favourable rand exchange rate .
According to the FNB Western Cape housing price index, the average price for a house in the region rose 12.5% in the second quarter year on year.
An FNB survey of estate agents found that the time it took for a house in the Western Cape to sell has dropped from 13.7 weeks on average to 13.3 weeks.
Agents estimate that now 81% of sellers are being asked to drop their asking price as opposed to 95% early last year.
Laurie Wener, managing director for Pam Golding in Cape Town, said: "The status of the residential property market around South Africa is generating intense interest. The market is enjoying what appears to be a sustained upturn, defying the economic constraints generally being experienced by other sectors.
"The areas in and around the Western Cape, and specifically the Cape Town metropole, provide an interesting microcosm of the country's housing market, resulting in the region often being regarded as a national property barometer," she said.
Despite Western Cape's property sales growth rate, FNB analysts said it was second to Gauteng as the most affordable residential market.
Source : http://www.timeslive.co.za/thetimes/2014/07/21/western-cape-riding-the-wave-of-real-estate-boom
According to the FNB Western Cape housing price index, the average price for a house in the region rose 12.5% in the second quarter year on year.
An FNB survey of estate agents found that the time it took for a house in the Western Cape to sell has dropped from 13.7 weeks on average to 13.3 weeks.
Agents estimate that now 81% of sellers are being asked to drop their asking price as opposed to 95% early last year.
Laurie Wener, managing director for Pam Golding in Cape Town, said: "The status of the residential property market around South Africa is generating intense interest. The market is enjoying what appears to be a sustained upturn, defying the economic constraints generally being experienced by other sectors.
"The areas in and around the Western Cape, and specifically the Cape Town metropole, provide an interesting microcosm of the country's housing market, resulting in the region often being regarded as a national property barometer," she said.
Despite Western Cape's property sales growth rate, FNB analysts said it was second to Gauteng as the most affordable residential market.
Source : http://www.timeslive.co.za/thetimes/2014/07/21/western-cape-riding-the-wave-of-real-estate-boom
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