Property prices in the rich suburbs of Cape Town have dropped by up to 50% of the initial selling price. Sellers in neighborhoods like Constantia and the Atlantic have dropped their prices between 20% and 50% in an effort to get rid of the property.
Real estate brokers report that the slightly upward flash after the election was overtaken by reality with a 15% decline in valuations.
Homes in the upper segment of the market were usually sold within 75 days while the trend is now 126 days. Even at the popular Waterfront Marina, property prices fell 24% this year alone.
Experts are wary of linking the country’s political situation to the trend, but the demand for homes, even in Cape Town, has declined because of the uncertain economic and political climate of rough South Africa.
-Vryburger
