Estate agent, Pam Golding Properties have found that
many South Africans still aspire to reside in ‘cosmopolitan’ Cape Town. This is
as well as foreign buyers who are attracted to the favourable rand exchange
rate.
The FNB Western Cape housing price index has reported
that the average price for a house in the region has risen by 12.5% during the
second quarter year-on-year.
An FNB survey of estate agents also found that the period
for a house of the Western Cape to sell has decreased from an average of 13.7
weeks to 13.3 weeks.
Agents estimate that 81% of sellers are currently
being requested to decrease their asking price, in comparison to 95% early last
year.
The managing director of Pam Golding in Cape Town, believes
the residential property market throughout South Africa is receiving intense
interest. The market is enjoying what seems to be a continuing upturn, defying
the economic constrictions said to be experienced by other sectors.
The areas within and surrounding the Western Cape, specifically
the Cape Town metropolis, provide an intriguing sample of the whole country's
housing market, resulting in the region often being considered as a national
property barometer.
Despite the growth rate of Western Cape's property
sales, FNB analysts claim it is second to Gauteng as the most affordable
residential market.
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