The Western Cape province’s property market has indicated a strong growth in the ‘sell-to-buy category’ in terms of the value of properties, with property owners moving to province opting for higher-value properties, Cape {town} Etc reports.
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The Western Cape has become the preferred choice for citizens switching provinces, with the majority of the moving citizens making the journey from Gauteng and KwaZulu-Natal.
The Western Cape has received more than 65% of transactions in the R2 million to R3 million price band, more than 70% in the R3 million to R4 million and R4 million to R5 million price bands and around 85% of properties above R5m in value, according to Property Professional.
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Since 2019, the City of Cape Town has registered 57 250 new properties at the Deeds Office and according to data compiled by Lightstone Property, urban areas in the Western Cape recorded the ‘most population growth’ in percentage terms (22%) in the years 2013 to 2023.
In terms of stock value, the City has registered the ‘greatest number of new properties’ in three bands: under R500k, R1m-R3m and over R3m, while it registered the third most in the R500k-R1m category.
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Also read:
Cape Town’s luxury property market thrives with ultra-wealthy buyers
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