It's Spring Property Selling Season in Cape Town!
Category Cape Town Property Market
While any time of the year can be a good time to sell if demand out-weighs supply, some studies suggest that the warmer months may result in higher property prices due to increased activity levels. There are some strong reasons for selling property over the spring period, the most prominent being that purchasers typically move quickly to purchase property towards the latter half of the year to ensure that they are set up in their new home in the new year.
These seasonal trends tend to differ from market to market. The "festive season", which runs from around the second week of December to the second week of January, can often result in decreased purchaser activity as individuals enjoy their holiday. Some coastal markets, however, tend to experience increased demand as holidaymakers often use the time as an opportunity to seek out coastal property investments and/or holiday homes. It's important to note that there will always be buyers looking for their dream home at any time of the year; however, the influx of buyers seen in spring has the potential to drive up prices in Cape Town, which enjoys an influx of local and international visitors during the warmer months.
With the South African government lifting Covid-19 regulations and restrictions several months ago, large amounts of holidaymakers are expected to travel to Cape Town from September to February. This trend has resulted in increased activity within property markets, leading to demand being propped up significantly.
Cape Town has been one of the top-performing areas in the Cape this year, with increased demand from semigrators as well as foreign investors. During the spring and summer seasons, there is a good chance that increased local and international tourism will drive up prices in this area.
While winter months are typically quieter months in the marketplace, Quay 1 closed over R300 million in property transactions over the period, with a number of record prices achieved. As we head into spring, the Quay 1 market research team has noted increased levels of activity within the market across the board!
Interested to know what your property could be worth in the active spring market? Click on the link below for an updated sales or rental valuation.
Author: Quay 1 International Realty
