Traditionally Franschhoek has been a property market that has primarily seen buyers emanate from beyond local shores. European buyers have for many years made up the bulk of the Franschhoek property market. However, as COVID restricted international travel this has had an undoubted effect on the market in the region. Surprisingly, in recent times, we are seeing far more South African buyers with an appetite for luxury properties come to the proverbial table.
According to Property24 trends August 2021 saw some of the highest number of new sellers enter the market in more than a year. "This is in part attributed to Cape Town buyers showing interest in luxury Franschhoek homes, therefore, increasing activity. COVID has also brought on a mind shift for many people and small towns with great reputations and high return on investment are reaping the rewards," says Adell Ferreira, Harcourts Winelands property specialist in Franschhoek.
"The demographic in the village is also changing. Taking a look at the trends we are seeing younger buyers, ages 36 to 49 show interest in these properties. This is due to multiple reasons, one being the low-interest rate and shift in value perception as well as the digital education of people and how property is one of the best long term investments you can make," adds Ferreira.
Harcourts has continued to explore the luxury market in South Africa and sought alternative methods to attract local buyers to high-value homes.
"We have developed digital strategies that not only showcase luxury homes to target demographics but also educate high net worth individuals on the local property market and the excellent value we have in our country," explains Harcourts South Africa CEO, Richard Gray.
It is exciting to see South Africans take note of the incredible options we have here and this will be an interesting trend to keep a close eye on.
Statement by
Richard Gray
Harcourts South Africa CEO