The Atlantic Seaboard region of Cape Town, with its stunning coastline, urban convenience, and thriving real estate market, has become increasingly popular among international investors, particularly Russians. Ross Levin, the Seeff Atlantic Seaboard and City Bowl licensee, has witnessed a significant rise in Russian interest in this region’s properties, especially in the R10 million to R20 million price range.
Strong Preferences for Certain Suburbs
Notably, Russian buyers have expressed strong preferences for suburbs such as Camps Bay, Fresnaye, and the Waterfront. Levin believes this is the highest volume of interest he has seen from Russian buyers in recent years, indicating that they view Atlantic Seaboard properties as potentially lucrative investments.
Increasing Sales to International Buyers
This trend is reinforced by recent sales to Russian buyers in Hout Bay, as reported by News24. However, these transactions aren’t limited to Russian investors. Buyers from the United Kingdom and Northern European countries like Germany have also shown a keen interest in the region’s properties. In fact, total sales above R20 million have already surpassed R1 billion this year, encompassing purchases made by UK, German, French, and Russian buyers.
Rise in Foreign Buyers
In March 2022 and April 2023, foreign buyers accounted for 23% of RE/MAX’s sold listings on Cape Town’s Atlantic Seaboard and 21% of its City Bowl listings. Susan Watts, broker-owner of RE/MAX Living, acknowledges this as a significant increase compared to 2020. The majority of these foreign buyers are European, led by Germany, followed by substantial figures from America and the UK.
Growing Popularity of the Garden Route
The Garden Route, another attractive location in South Africa, has also seen a surge in interest from cash buyers looking to relocate from other provinces. Chris van der Merwe, broker-manager of RE/MAX Coastal, attributes this in part to the favorable exchange rate currently enjoyed by international investors. He confirms the return of foreign buyers, particularly those from Germany, Switzerland, and the UK, to the region following the pandemic.
The Enduring Allure of Cape Town’s Atlantic Seaboard Properties
For years, Cape Town’s Atlantic Seaboard has been a prime destination for luxury real estate, offering the perfect blend of scenic beauty and urban convenience. With its picturesque views, top-notch amenities, and diverse property options, it’s no surprise that it has attracted a growing number of high-net-worth individuals from around the globe.
Global Appeal of Cape Town’s Atlantic Seaboard Properties
The increased interest from Russian and other international buyers in this market underscores the global appeal of Cape Town’s Atlantic Seaboard properties. This trend is not only a testament to the region’s potential for substantial returns on investment but also serves as an indicator of the area’s enduring allure.
Resurgence of Foreign Investment in South African Real Estate
As the world continues to recover from the pandemic, the resurgence of foreign investment in South African real estate demonstrates the enduring allure of the country’s breathtaking coastal landscapes and promising investment opportunities. It’ll be fascinating to see how this trend develops in the coming years and how it shapes the region’s real estate market.
