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Property Price Gap Closing in City Bowl

Property Price Gap Closing in City Bowl

Several agencies have commented recently on how well residential sales and property prices are doing in Cape Town’s CBD, City Bowl and Atlantic Seaboard areas. Here’s what they have to say about these perennially popular areas.

Property Demand Increase

“Prices in the City Bowl and Atlantic Seaboard areas are edging ever closer to the full asking prices as demand continues to increase,” according to Susan Watts, broker/ owner of RE/MAX Living in Camps Bay.

Properties Priced Properly

“Over the past 18 months sellers have adjusted their asking prices to be more in line with the market while buyers have become willing to pay more due to the declining supply of properties for sale, and currently the difference between asking and selling prices is around 5% on average.” Demand in the City Bowl, she says, is particularly strong at the moment and homes that are considered to be correctly priced are selling within days.

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