Property in South Africa still selling despite downturn
Amongst the falling house prices being experienced globally, a report out yesterday from Sotherby’s has shown that the prices of property in the Western Cape region are continuing to sell. The region is one of South Africa’s most popular tourist destinations, and includes destinations such as Cape Town, Stellenbosch and the Garden Route.
The residential property price ranger report went on to show that although the Western Cape property market experienced a 35% decrease in turnover for the first six months of 2008, average house prices in the region actually increased by approximately 19%. Overall the region saw a drop from 7,500 units sold to just over 4,100 during the period.
Barak Geffen, Executive Director of Sotherby’s International Realty South Africa stated that the figures released reflected an increased number of transactions in the upper segments of the market, which had an impact on the overall market picture.
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