AFRICA
CAPE TOWN, SOUTH AFRICA
South Africa’s capital and second-largest city, Cape Town’s property market had a buoyant 2024, characterized by limited stock and high demand, which continued to drive prices upward. The region saw a 14% increase in the average sales price of properties over US$1 million year over year, with demand partially coming from outside the country, as Cape Town continues to attract considerable interest from foreign buyers. “Cape Town’s appeal is particularly strong among European tourists, many of whom are drawn to its natural beauty and opt for property ownership to facilitate regular summer visits,” says Mike Greeff, CEO of Greeff Christie’s International Real Estate, which services the region. This trend is encouraged by favorable currency conversions, especially from the U.S. dollar and the British pound, allowing investors to enjoy Cape Town’s exceptional lifestyle at a comparatively lower cost.
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