Sales in Cape soar, thanks to semigrants, Europeans

AFEW THINGS are boosting sales in the Cape: semigration, an uptick of foreign buyers and the upsurge of Cape Town as a tech hub.

Samuel Seeff, the chairperson of the Seeff Property Group, says the demand from semigration buyers for property across the Cape continues at pace, and while it might slow down, that would be due to buyers being hamstrung by an inability to sell their houses elsewhere in the country. In fact, he says, we could see semigration picking up further because of the deterioration of service delivery in many municipalities.

Seeff adds that the Cape metro is increasingly also going to be seen as a new hub for head offices, and services including technology, with Amazon, for instance, moving in.

Ross Levin, the licensee for Seeff Atlantic Seaboard and City Bowl, says that for example, there is a strong influx of semigration buyers to the coastal suburbs.

While the buyers were traditionally from the Gauteng and inland areas, they are also coming from the KZN region.

International buyers have also invested heavily in property during the first few months of the year, says Levin.

This includes Russian and European buyers (especially from Germany, the UK and Netherlands) who are looking for alternative markets to invest in while the Russian-Ukraine war continues.

It is not just sales The rental market is also exceptionally strong in Cape Town, boosted by inward demand, says Seeff.