Tyson Properties hits record sales as demand for residential property on Atlantic Seaboard soars
The Western Cape with its stunning scenery, cosmopolitan lifestyle and enticing weather is the most sought-after residential destination in the country, with the house prices reflecting this high demand.
“The Western Cape is currently experiencing the fastest average house price growth within all the major regions of South Africa,” said Nick Pearson, Branch Manager for Tyson Properties Atlantic Seaboard. “This is one of the reasons behind the rapid expansion of Tyson Properties within this area. The Tyson Properties Atlantic Seaboard and City Bowl branch opened in April 2015 and, within less than a year, we had hit a record month.”
Pearson said the average price of Sea Point properties has more than doubled in value since 2010, with house prices in the area increasing by 21% in the last year alone.
Clifton’s Nettleton Road is now the most expensive street in the country, with some homes increasing in value by up to 80% over the last five years. In fact, 15 of South Africa’s 22 most expensive residential streets are found in the Western Cape, with nine on the Atlantic Seaboard. This area is also home to five of South Africa’s richest suburbs. The sales interest is also particularly high within the Atlantic Seaboard, approximately 26% for Sea Point, which is where Tyson Properties’ fastest-growing office is based.
Commenting on this massive growth, Pearson said the current political climate, as well as the Western Cape’s great reputation, meant South Africans and investors were relocating to the area.
“South Africa is going through an interesting political period and people are looking to the Western Cape - the Atlantic Sea Board and City Bowl in particular - as a refuge for safe, steady growth as it is a far more politically stable region,” he explained. “The Western Cape also has fantastic infrastructure, is a user-friendly city with a quality lifestyle and offers great rental returns for both short and long term. This has attracted many South African families to the region.”
Being rated as one of the most beautiful cities in the world, Cape Town has also attracted far more foreign investment then other regions in the country, pushing residential prices up further.
“The majority of buyers are local Capetonians moving from other parts of the Western Cape into these areas, either upscaling, downscaling or simply buying for investment purposes,” said Pearson. “However, we also receive lots of buyers from Gauteng, KwaZulu-Natal as well as foreign investors.”
He said the most sought-after properties currently are the one and two-bedroom apartments in secure blocks which offer good rental returns and are affordable for both first-time buyers and investors.
“Buyers are looking at things such as what growth they can expect from their property, possible rental returns, renovation potential as well as general matters such as whether the property has secure parking, security and views,” he said.
Pearson said it was expected that the growth in the Western Cape’s residential market would continue on an upwards trend with investments showing good returns.
Author: Tyson Properties