Cape Town luxury property market grows second-fastest in the world

“Although the wider city market is cooling‚ a lack of supply in the prime areas we track in Camps Bay‚ Bantry Bay and the Atlantic Seaboard is pushing prices higher‚” Knight Frank said.

Deon de Klerk‚ head of wealth for Africa regions at Standard Bank‚ said Cape Town was fast becoming a truly global holiday destination and an increasingly desirable residential address for South Africa’s high net worth individuals‚ as well as those from abroad.

“The luxury residential property market in the city has really been able to capitalise on its new-found reputation as the ‘Monaco of the South’‚” De Klerk said.

Typical prices in Cape Town ranged from R1.2m for a small studio apartment to R30m for a penthouse apartment.

Two-bedroom‚ two-bathroom apartments with secure parking fetch about R5m on average‚ the report said.

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