Quarterly Market Review: Atlantic Seaboard & Cape Town City Bowl 2024
Category Property Investment
We are already into the second quarter of 2024 and these are the stats for sales taken from Propstats for the period 1 January - 31 March 2024 in the City Bowl and Atlantic Seaboard areas of Cape Town.
City Bowl:
In comparison with the previous quarters stats, notably the average number of days to sell a full title home has dropped slightly from 84 days to 77 days and the total number of properties for sale has decreased by 6%, perhaps indicating a slight contraction in available stock as demand increases although on the sectional title side, the stats remain consistent with previous quarter.
Atlantic Seaboard:
Interestingly after a very strong last quarter 2023, the sales for both full title and sectional title have fallen along the Atlantic Seaboard with a notable drop in sectional title sales numbers.
The variance between asking price and sold price has increased to -10,5% of asking price.
As a company Kinesis Property has had an excellent 1st quarter with strong demand in Atlantic Seaboard and city bowl for apartments and homes that offer the possibility to Airbnb.
80% of our sales has been predominantly investors looking for an investment property that they can use when they are in Cape Town and rent out the rest of the time and capitalise on the increasing numbers of visitors to CT via the short term rental model.
Our Airbnb managed portfolio had an exceptional summer with the majority of properties averaging between 75% - 85% occupancy and excellent returns for our clients.
Long term rentals remain in high demand and with lower stock, the prices have been going up.
For any property related questions, be it related to sales and/or rentals (long and short term) feel free to reach out to Cesar on 0829316166 / cesar@kinesisproperty.co.za
Author: Cesar Alexandre
