Houses for sale in Cape Town : Cape Town Property : Property24.com (2024)

FAQs

Is now a good time to buy property in Cape Town? ›

Vann-Herbert says that property prices in Cape Town have not yet reached pre-Covid heights, making it a great time to buy, especially as those with hard currency can also benefit from the weakness of the rand. The local currency is exceptionally volatile, but its long-term trend is clear: since 1975, when it was R3.

Foreigners are free to buy property in South Africa without restrictions, subject to meeting the visa requirements to live and work in the country. Expats with a criminal record are not permitted to buy property. As in other countries, you must provide a range of documents to buy a home in South Africa.

Towns such as Polokwane (the capital), Tzaneen, and Mokopane provide opportunities for budget-conscious buyers interested in residential homes or agricultural land.

Yes, Cape Town is an excellent place for real estate investment due to its strong property market, high return on investment, and ongoing development projects.

The latter half of 2024 might just be a golden opportunity for buyers. After several years of rapid price increases, property prices are stabilizing, making previously unaffordable areas more accessible. This shift is particularly beneficial for first-time buyers and investors looking to expand their portfolios.

Basically, anyone can retire in South Africa as long they can prove they have the funds and pass the necessary checks. The South African retirement visa is issued to foreigners of all ages who can afford to retire in South Africa. If you hold this visa, you may live in South Africa on a seasonal or continuous basis.

There are many countries whose citizens are exempt from visas to visit South Africa for a stay of up to 90 days, which is ideal for investment buyers who plan to use their property as a summer retreat or regular short visits.

Research from Lightstone Property shows that the minimum salary to buy a home would be: R22 600 in the Western Cape, where the average property price is R680 000 (the most expensive out of all the provinces). R12 600 in the Eastern Cape, where the average property price is R380 000 (the lowest of all provinces).

Summary of cost of living in Cape Town, South Africa: A family of four estimated monthly costs are 2,175.7$ (39,108.2R) without rent. A single person estimated monthly costs are 617.8$ (11,105.6R) without rent.

Bishopscourt is the Southern Suburbs's lesser-known millionaire and billionaire haven. The area houses many of the most generously appointed estates with even more generous acreage and borders Kirstenbosch Botanical Gardens, which explains its notoriety for being a green and leafy suburb.

Is it still worth buying property in South Africa? ›

Property investment is the most reliable way to generate income over the long term. Interest rate hikes have come to a halt, and interest rate cuts are predicted for late 2024. Buy-to-let is a good way to get a foothold in the property market. An estate agent can advise you on property trends.

The average price of a freehold home in South Africa is currently R1. 47 million, but what you get for your money will differ from province to province, and suburb to suburb.

In line with IMF predictions, over the next 5 years, South Africa will have an inflation rate of 21.2%, which gives us an average yearly increase of 4.2%. This data is telling us that South Africa is likely to undergo inflation, so buying property now may lead to a profitable sale if its value rises over time.

Over the previous five years, Cape Town residential prices rose by 30%, while Johannesburg prices grew only 8.6% - the weakest of all the metropolitan areas. Overall, SA residential prices increased by 3.5% in the 12 months to March 2024, which is an improvement on 3.1% in February 2024.

The Real Estate market market in South Africa is expected to reach a value of US$1.19tn in 2024. Within this market, Residential Real Estate holds the dominant position with a projected market volume of US$0.82tn in the same year.

From 2007 to 2021, house prices rose by about 69% but when adjusted for inflation, real prices actually fell 19%. Then in 2022 and 2023, nominal house prices rose by a cumulative 3.7% but declined by 8.3% in real terms. With persistently high inflation, the gap between nominal and real prices has been rapidly widening.