While the property market has been dominated by the allure of the Cape to semigration buyers, this as well as the work-from-home trend has slowed for various reasons. Nonetheless, buyers and investors keep coming, says Pierre Germishuys, managing director for Seeff West Coast.
Recent Lightstone data indicates that migration to the Cape remains robust with more people still arriving than leaving. Despite the slower market due to the higher interest rate, property transactions in the popular coastal towns – Langebaan, Yzerfontein, St Helena Bay and Lambert’s Bay – still traded above the pre-pandemic level last year.
This sustained demand is driven by perceived better governance, improved quality of life, and scenic living. The pandemic-induced property boom of 2021-2022, characterised by an exodus of people from the big cities to smaller towns such as those on the West Coast was a tremendous boost for prices.
Langebaan and St Helena Bay basically doubled in price, while the average for Yzerfontein is up nearly threefold. The higher growth has been the general trend of Cape coastal property as tracked by Lightstone data.
Despite the intense surge of semigration and work-from-home buying moderating, Seeff’s agents continue seeing people moving into the areas from elsewhere. Some 50% to 60% of buyers tend to be over the age of 50-years. Holiday homes also remain a popular choice, especially with the view to earning rental income.
The West Coast’s blend of natural beauty, fishing villages, quality amenities, and relaxed lifestyle continues to attract those seeking a quieter life close to Cape Town. Higher property prices though are becoming a factor, especially for those seeking entry-level affordability. More affordability is likely now confined to the main towns such as Saldanha Bay (R1.2m – R2.5m) and Vredenburg (R900k – R1.8m).
While Yzerfontein (R2.8m – R5m+) and Langebaan (R1.8m – R3.5m+) have seen substantial price increases, you can still find mid-price points in St Helena Bay, with its many new developments, offers options from R1.5m – R3m. Jacobs Bay (R1.5m – R3m). Paternoster (R3m – R6m) is more in the mid-upper range. Lamberts Bay (R1.5m – R3.5m), further up the coast offers more authentic fishing village living and more affordability with beach houses tending to be a little pricier.
For High-Net-Worth (HNW) individuals, high prices are less of a deterrent. Their decision-making is often driven more by lifestyle aspirations, security, and the long- term capital appreciation potential that coastal properties in desirable areas historically offer, rather than solely by the immediate cost. They tend to look at the high-end properties, generally in Langebaan and Yzerfontein (R5m – R15m with a few rare sales over R20m).
Pierre Germishuys
Managing Director
Seeff West Coast
082 446 4625
