Noordhoek has seen residential property prices rise by close to 68%
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Loading... - Caitlin Meyer Bosman
- 16 Sep 2024
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The residential property market in Noordhoek, a scenic suburb in the Western Cape, has experienced remarkable growth, with property values soaring by nearly 68% since 2021. Data from Propstats reveals that the average house price in 2021 was R5.3 million, but by the end of August 2024, it had climbed to R8.65 million.
The gap between asking and selling prices has also narrowed, dropping from 8.2% in 2021 to 4.2% in 2024, while the average time properties spend on the market has decreased significantly from 157 days in 2021 to just 66 days in August 2022. Furthermore, the market for high-end properties has expanded, with 12 homes selling for over R10 million and two exceeding the R20 million mark in the first eight months of 2024, compared to only four properties priced above R10 million in 2021.
Lilian Bron and Helen Smith, partner area specialists with Lew Geffen Sotheby’s International Realty, attribute the surge in Noordhoek’s property market to factors like semigration and increasing interest from foreign investors. In fact, most recent buyers have been from overseas, including German and British nationals, as well as buyers from upcountry regions.
Noordhoek’s appeal lies in its unique combination of seaside village charm and equestrian country living, enhanced by proximity to Cape Town, top-notch schools, healthcare facilities, and other amenities. The area's eco-conscious development policies, which limit subdivision of land and ensure large plot sizes, further contribute to its desirability. The pristine beaches and tranquil lifestyle have made Noordhoek an attractive destination for wealthy investors seeking a balance between country living and city convenience.
