Cape Town Topped New Property Registrations in 2024
Category Market Insight
Cape Town Topped New Property Registrations in 2024
As we start a new year, the property landscape in Cape Town continues to shine brightly, reaffirming its status as South Africa's most dynamic real estate market.
Looking back at 2024, the Mother City outperformed other metros, registering the greatest number of new properties across three distinct value levels. This milestone is not just a testament to Cape Town's enduring appeal but also an exciting preview of opportunities awaiting investors and renters in the year ahead.
2024: A Year of Unparalleled Growth
Cape Town's property market thrived in 2024, reflecting a blend of robust demand, strategic urban planning, and attractive financing options. Three key value segments stood out:
Affordable Housing (under R1.5 million): With an increasing focus on first-time buyers, this segment saw remarkable growth. Developments in suburbs like Parklands, Kraaifontein, and Blue Downs catered to young professionals and growing families seeking affordable yet quality homes.
Mid-Range Properties (R1.5 million to R5 million): The city's scenic suburbs, such as Durbanville, Claremont, Tokia and Somerset West, were hot spots for mid-range buyers. These areas balanced suburban lifestyle amenities with proximity to schools, shopping hubs, and green spaces, making them highly desirable.
Luxury Market (above R5 million): Cape Town's premium neighbourhoods like Constantia, Bishopscourt, Camps Bay, and the Atlantic Seaboard continued to attract high-net-worth individuals, with nearly 120 properties priced over R20 million sold in the year. With record-breaking transactions and world-class developments, the luxury market solidified the city's status as a global investment destination.
The Cape Factor
Cape Town continues to thrive as a desirable destination due to its lifestyle appeal, robust infrastructure, stable governance, and sustainability focus. With its pristine beaches and the iconic Table Mountain as a backdrop, the city boasts a vibrant cultural scene and offers unparalleled natural beauty and charm for young professionals, families, and retirees. Cape Town is also home to some of South Africa's top universities, a vast array of shopping, and world-class healthcare facilities, making it an ideal place to live, work, and invest.
Ongoing investment projects, such as the expansion of the MyCiTi bus network and upgraded roadways, have significantly improved connectivity across the metro. Additionally, the City's proactive approach to energy management, including the generation of additional capacity through the Steenbras Pumped Storage Plant means Cape Town is the only city in South Africa able to provide customers extra relief from loadsedding. The city's consistent delivery of municipal services instills confidence in both local and international investors.
Additionally, developers are increasingly prioritising green building practices to cater to environmentally conscious buyers, further enhancing the city's reputation for sustainability.
What's in store for 2025?
As we look ahead, 2025 promises to build on this strong foundation with exciting trends and opportunities, including;
A boom in mixed-use developments: In response to the growing demand, the city is incentivising developers to create more accessible and affordable housing options. New projects in areas like Salt River, Woodstock and the Atlantic Seaboard are blending residential, commercial, and recreational spaces, creating vibrant, self-contained neighbourhoods.
More tech-driven smart homes: The integration of smart technologies into properties is set to redefine urban living, with developments in Century City and the Southern Suburbs leading the way.
Increased rental opportunities: With Cape Town's popularity as a work-from-anywhere destination, the rental market is expected to grow, especially in areas close to coworking hubs, gyms and sound internet infrastructure.
For investors, Cape Town is the ultimate dream destination. Its property market strikes a perfect balance between stability and growth potential, appealing to seasoned investors, newcomers, first-time buyers, and those looking to upsize or downsize their living spaces.
At FMS Sales and Leasing, we're here to help you navigate this dynamic landscape. Whether you're ready to invest, rent, or explore, we're your trusted partner every step of the way.
Contact us today and let us help make your 2025 property dreams a reality
Author: Zeenat Hassan
