Property developers in Cape Town believe the property market is slowly recovering, following a massive decline in property prices over the past 12 months due to the devastating COVID-19 pandemic.
ClareMart’s Head of Special Projects and Developments, Rob Stefanutto, says there is vast interest from investors, prospectors and property moguls to relocate to Cape Town following their participation in recent auctions of upmarket properties.
Stefanutto was speaking during the sale of the vacant land in front of the most expensive residential property to be sold in South Africa at Ocean View Drive in Bantry Bay. The property was sold for R290 million in 2016.
“We had four bidders all out of town bidders, most of this was handled over the telephone. We have an offer which we will be presenting. It is certainly far off from where we come from but we are definitely seeing movement in the market again. If he manages to get this property at R7.1 million he has done exceptionally well. I mean stands like this would be going from R15 – R20 million a few years ago but due to this pandemic there has been a pressure put on the market,” says Stefanutto.
Discussion on the economy, property market in 2021: Carl Coetzee
