Six homes in Cape Town sold for between R26 million and R66 million

Property Six homes in Cape Town sold for between R26 million and R66 million Staff Writer · 27 Aug 2024 Pam Golding Property CEO Andrew Golding says the luxury end of the South African housing market has seen remarkable strength with numerous multi-million-rand house sales. This comes as the outlook for South Africa's housing market is looking increasingly optimistic with several positive indicators. The positive developments include petrol price cuts, an imminent interest rate cut, improved confidence, and the prolonged load-shedding reprieve.

Golding said sellers and buyers, including investors, who had previously been hesitant about property transactions are now committing to them. The Pam Golding Residential Property Index confirms this trend. National house price inflation rose to 4.

7% in July 2024, the highest level since February 2022. The luxury end of the market has been particularly strong with a significant reduction in stock levels, driving up prices. "Confidence has returned to the luxury property market, driven by positive sentiment, improved financial conditions, local stock markets, and stable government," Golding said.

There are significant stock shortages in the Cape's luxury market, and due to limited stock, pressure is building in pricing. In the market's high-end or R20-million-plus bracket, Pam Golding Properties has concluded some..

. Staff Writer.