These 4 luxury properties in Cape Town have dropped their asking price by millions
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Over the last three months, sellers in Cape Town's swanky Atlantic Seaboard and Constantia Upper areas have reduced their asking prices by up to R10 million according to the latest sales data.
Ross Levin, managing director for Seeff Atlantic Seaboard and City Bowl, said that these price drops are a result of the continued weak demand at the upper price levels.
He said that some recent sales have been concluded at anything between 20%-50% below the asking prices.
"The market is already down by 40% since 2016/17, and despite the expected uptick following the election, the reality has been a further decline of 15% in value generated during the first half of this year," Levin said.
"After some reluctance, sellers are negotiating, creating opportunities for buyers to find more affordability in a market that has not been the case for many years."
Lance Cohen, luxury market specialist at Seeff said he has seen several high-end listings where the prices have been reduced by millions of rands and that these properties are also taking longer to sell.
"Propstats sales data shows that it now takes around 126 days to sell, twice as long as last year's 75-odd days, and Atlantic Seaboard sales are now coming in at an average price differential between asking and selling prices of 16.9% with some deals concluded at as much as 20%-50% below the asking prices," he said.
"Examples include recent Camps Bay sales of 50% below asking price on a R25 million sale, 20.5% below on a R11.95 million sale, and 27.4% on a R9.5 million sale."
Author: Gina Meintjies
