Homes in some of Cape Town’s most sought-after areas are selling quickly, and – in some cases – for as much as R30 million in Newlands and R65 million in Bantry Bay.
Propstats data cited by Seeff Southern Suburbs shows that Newlands is one of the fastest-selling areas in Cape Town, with properties selling in about two weeks on average.
At the same time, the average property price in the area reached R9.9 million last year, up 16% year-on-year, with limited stock driving faster sales.
BetterBond’s April Property Brief noted that average home prices across South Africa reached new highs, with first-time buyers entering the market at R1.35 million. Overall, average home prices gained 5.3% year-on-year in the first quarter to R1.67 million, its data shows.
In Newlands, Seeff said, high-value transactions dominate, with 64.7% of sales this year above R10 million. Prices have reached as high as nearly R30 million, while sellers are achieving close to asking price, with an average discount of just 3.2%.
Demand drivers
Stephen Buerger, property professional with Seeff Southern Suburbs, said sellers are achieving excellent prices with the average discount on the asking prices being just 3.2% this year.
Demand is being driven by the area’s central location, access to schools and amenities, and lifestyle appeal, with interest from local buyers, semigrants and retirees. This has highlighted a shortage of high-end retirement options in the Southern Suburbs, particularly for buyers seeking independent living in established urban areas.
Meanwhile, Cape Town’s luxury apartment market continues to show strong demand, particularly along the Atlantic Seaboard and in the City Bowl.
Ross Levin, licensee for Seeff Atlantic Seaboard and City Bowl, said demand is driven not just by local Cape buyers but also buyers from Gauteng and KwaZulu-Natal along with international buyers.
Complexes popular
Sectional title units accounted for about 76% of sales across these areas, generating R6.1 billion last year and R1.5 billion so far this year.
Properties are selling faster, with over half of Atlantic Seaboard sales and around 71% of City Bowl sales concluded within a month.
Many are sold within days of listing, Seeff said. Sellers are achieving close to asking price, with average discounts of about 5.5%, while a significant portion of sales are concluded at or near full asking price, it added.
High-value transactions remain a key driver, with one-third of total value coming from just 49 sales above R20 million.
Record sales
The Waterfront in particular has seen a record R781 million in sales in 2025 and already stands on R314 million this year. In Bantry Bay, properties have sold for as much as R65 million, with another property, that occupies a full floor of The Aurum Presidential Suites up for sale for R87.5 million.
Demand is being supported by limited supply, lifestyle appeal and continued tourism activity, which is contributing to investor interest in the market.
Homes in Clifton have gone for R39.5 million, while some sales in the central business district reached more than R5 million.
IOL BUSINESS
