Gauteng property buyers shaping The Real Estate Landscape in Cape Town
Category Property News
Gauteng residents are buying more properties in the Western Cape than any other market segment. Contrary to popular belief, foreign investors are not the main purchasers of upmarket and luxury Cape properties anymore as we see an ongoing influx of people from the Gauteng province relocating to Cape Town and its surrounds. DG Properties says that an increasing number of Gauteng buyers are snapping up properties on the Atlantic Seaboard and nearby suburbs of the Mother City - a trend which is correlated by FNB's Regional Migration Trends report, which shows that the Western Cape continues to far outperform the rest of the country when it comes to attracting property buyers from other provinces. "The main reasons for this swell of relocations are people looking for a lifestyle change and wanting quality of life in beautiful surroundings, as well as good schooling for their children and increased safety and security in general."
"The allure of the Cape has pulled many professionals who now commute to Gauteng in the week for work and return to their families in the Western Cape each weekend. Across the Peninsula properties under R10 million in a good position are very sought-after by Gautengers, and currently, we are experiencing a shortage of these properties, especially on the Atlantic Seaboard." "Out of our sales in the Western Cape over the past 24 months, Gauteng buyer activity makes up as much as 25% in areas, particularly on the Atlantic Seaboard, which covers areas like Camps Bay, Fresnaye, Bantry Bay and Clifton," says DG, who goes on to advise that this influx of Gauteng buyers, who are in turn selling up their homes in Gauteng. DG explains that because of the shortage of well-priced properties on the Atlantic Seaboard Dogon is now seeing up-country buyers looking to areas such as Hout Bay - which, according to DG, is the best value for money suburb left on the coast that is also close to the city and its offerings.
"In order to meet this new demand, DG is currently working on an exclusive 'Plot Plus Plan' security estate development in Hout Bay that we anticipate will be extremely popular with Gauteng buyers when launched as it perfectly suits their preferred location and budget". DG Properties concur that the relocation of people from other provinces to the Western Cape, Cape Town in particular, is a trend that does not look set to die out any time soon and that it has shaped, and will continue to shape, the real-estate landscape in the province as more developments and offerings are tailored to suit the wants and needs of these new residents.
Author: Dogon Group Properties
