To say that it is one of the most beautiful places on earth is actually an understatement. It has plenty of everything, the ocean, the mountains, the natural forests, nightlife, and sporting activities. This is what makes choosing where to buy your Cape Town property even harder. If you think the world has not noticed this you are mistaken because Cape Town is fast becoming the second home destination for the world.
Four years ago the average cost of a house in the Cape Town property market was 970,000 Rand. A popular place to buy was the uber-rich Atlantic Coast suburbs of Camps Bay and Clifton, which were the destination of choice for most foreigners seeking a second investment home.
When you decide to buy yourself home or any other kind of real estate, you might in the beginning feel excited about prospects. As time goes by and after viewing a seemingly unending list of properties that fast blend into each other in a blur, it can start looking fairly daunting.
If you have been following the property trends in South Africa you will realize that Cape Town property markets is actually been going through a period of more than healthy growth even in the midst of global fiscal depression. With a 20-25 growth rate the question really is who is buying into the Cape Town property market?
One of the fallouts of the economic downturn overseas is also the growing number of ex-pats who are returning home to South Africa to find jobs. So one of the growing sectors of buyers who are investing in Cape Town property is young families who are settling down and buying prime properties that are competitively priced. Another factor that is helping this is the recent cuts in interest rates by the Reserve Bank. This and scarcity of supply is kept a rosy glow around Cape Town property futures.
Purchases made in the Cape Town property market in recent times also follow the trend of buying older houses with a view to renovating. These spectacular old homes are endowed with big plots that allow you to extend and add as you see fit. Stand-alone property is favored over gated estates as this allows the buyer to individualize the design and architecture of his Cape Town property.
It is true that stupendous leaps of 30% growth a year in Cape Town property prices are a thing of the past but even with a slower pace the return is very good and the growth signifies excellent capital returns. All indications show that the growth rate in the Cape Town property market is still stable with a year on year growth of 15, 5%.
In the middle of a boom, Cape Town property for sale are also fast becoming some of the most sought after properties in the world. Since the opening of the property market to foreign investors, the Cape Town property market has seen healthy growth fueled by strong interest shown by both domestic and foreign buyers.