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South Africa Property News

Hout Bay Property Market on the Rebound

Residential People has discovered that the Hout Bay market has rebounded well this year, following a slower period in 2020.

Hout Bay saw 66 sectional title properties, 182 freehold homes and 24 vacant stands changing hands by the end of November, compared to 2020, when just 30 apartments, 110 houses and 9 plots were sold.

According to Terri Steyn, Area Specialist for Lew Geffen Sotheby’s International Realty, the harbour village has been attracting keen investor interest, with the most popular properties being estate homes.

Commenting on the estate trend, Terri said: “Buyers are attracted by Hout Bay’s unique, easy lifestyle and proximity to the city and demand for secure estate living in the area has risen sharply in recent years, precipitating a spike in development with estate homes now accounting for almost a quarter of the property landscape.”

The majority of buyers in Hout Bay have been from Gauteng province as well as from abroad (a small part of the overall South African market), with Scotland and Dubai being the two most significant sources of foreign buyers.

“In the face of the emergent trend to move away from the city and live a more easy-going lifestyle, Hout Bay is the perfect location,” adds Steyn.

Featured Image:  Acrewood by Lew Geffen Sotheby’s International Realty

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