Cape Town firmly in the lead

South Africa’s property landscape is shifting, with Cape Town leading the charge. This month, we explore how the Mother City has outpaced Johannesburg in sales volume and value, why its properties are selling faster and closer to asking prices, and how Lightstone’s historic recognition by the European AVM Alliance is setting new global standards. Dive into the trends shaping the market and what they mean for buyers, sellers, and investors.

Cape Town homes sold fastest in 2024

Cape Town led South Africa’s property market in 2024, with homes selling faster and closer to asking prices than in other metros. Sales slowed nationwide as economic pressures grew, widening the gap between listing and sale prices. High-value properties faced the biggest discounts, while Cape Town suburbs outperformed Johannesburg and other regions.

Cape Town property market outpaces Joburg

Cape Town’s property market has outpaced Johannesburg in sales volume and value since 2021, with the gap widening. In 2024, Cape Town’s total sales value reached over R81 billion, nearly double Johannesburg's R47 billion. Buyers from other Western Cape towns and provinces are driving demand, while top-selling areas include Sea Point, Sandown, and Sitari Estate.

Lightstone makes history and joins EAA

Lightstone has made history as the first non-European member of the European AVM Alliance (EAA). Lightstone’s AI-powered valuation model (AiVM) earned EAA accreditation after rigorous auditing, reinforcing Lightstone’s reliability and global standards. This milestone highlights Lightstone’s leadership in property valuations, benefiting banks, Estate Agents, and the broader South African property market.

Happy reading!

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