Somerset West, an erstwhile sleepy village near Cape Town has blossomed during the past decade, and is now a thriving economic hub and one of the most sought-after residential areas in South Africa.
Situated in Fairhaven estate, this house offers four bedrooms, three bathrooms, open-plan living areas, lounge with fireplace, covered patio, garden and double garage. It is on the market for R4.8 million – click here to view.This is according to Chris Cilliers, CEO and Principal for Lew Geffen Sotheby’s International Realty in the Winelands, who says unlike most areas around the country, demand for property across all market segments in Somerset West has remained high, with investor interest from a broad demographic driving a buoyant market, which remains largely unaffected by current economic trends.
Cilliers says aside from a myriad of drawcards, which tick most of the boxes on buyer’s wish lists, Somerset also has a wide choice of property options, catering to everyone from first-time buyers on a tight budget to millionaires seeking trophy homes.
He says it’s still possible to get a foot in the market for as little as R500 000, which buys an older flat in need of a little TLC or around R1 million for a small two or three bedroom house, which is often in a complex.
“Sectional title and townhouse prices range up to R3.5 million, while modern homes in secure estates vary between R3 million and R9 million, and freestanding houses can be bought across the price band spectrum, all the way up to R30 million for a luxurious home on generous grounds with top-of-the-range finishes.”
This home has three bedrooms, two bathrooms, open-plan spaces, modern kitchen, braai room, patio, double garage and private garden. It is currently selling for R4.99 million - click here to view.Once dominated by freestanding homes with a limited choice in sectional title property, Somerset West’s residential component has changed dramatically in recent years and now offers an eclectic mix of traditional older homes, modern houses, sectional title townhouses and secure residential estates.
Cilliers says although the local market is active, with ongoing repeat sales from current residents who are upgrading or downsizing, up to 40% of current investors are from Gauteng and other parts of South Africa, and these buyers favour homes in secure estates.
Between April and June this year, 68 properties changed hands to a combined value of just over R96.5 million. Of these, more than half (48) were estate homes, with 21 units being in the R1.5 million to R3 million price band and 20 in the R800 000 to R1.5 million bracket. Only four properties were priced below R800 000 and three above R3 million.
According to Cilliers, there is no doubt that upcountry buyers are significantly spurring market activity, and the number of new estates and retirement developments are testament to this burgeoning demand.
He says there is also a large international contingent, predominantly buyers from Germany, Switzerland, Belgium, Holland, the UK and Scandinavia, with many of them being 'swallows' who spend the summer in South Africa.
Situated in the Rome Glen area, this house offers four bedrooms, four bathrooms, three reception rooms, fireplace, jacuzzi, braai area and double garage. It is currently priced at R5.65 million – click here to view.Cilliers says the rental market is also active, with a huge demand for family homes, especially near good schools, however, there is a shortage of quality rental properties as up to 80% of investors buy property to live in themselves.
Lew Geffen, Chairman of Lew Geffen Sotheby’s International Realty, says the rampant residential development has also sparked extensive commercial growth to cater to the growing population.
He says in addition to Somerset Mall, which has expanded to include smaller satellite malls, shopping centres and offices are popping up to service the newer outlying areas of the town. New residential developments along the N2 also include commercial and industrial components.
Geffen says the old AECI grounds, now called Paardevlei, are in the process of being developed into a self-sustaining town with residential, commercial and industrial areas, as well as facilities and massive development is also in the pipeline for Sir Lowry’s Village.
He says several new schools, including Reddam House, and the introduction of excellent sports facilities such as cycling and running tracks and outdoor gym stations are also adding to the area’s appeal.
There are also world-class medical facilities right on their doorstep and the airport and Cape Town metropole are less than 50km away, he says.
According to Cilliers, despite exponential development, Somerset has maintained its country feel and still offers a relaxed lifestyle in spectacular natural surrounds.
Situated at the base of the Helderberg mountain range, residents enjoy easy access to pristine parks, nature reserves, renowned wine estates and several beautiful beaches, most within a 15-minute drive, he says.
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