As we approach the end of the year, property owners are beginning to plan their moves for 2020. In an effort to assist homeowners in making informed selling decisions, Greeff Christie's International Real Estate - City Bowl, Atlantic and Western Seaboard, recently conducted a regional study polling various Cape Town property market stakeholders, including buyers, property owners and tenants on what their sentiments on the property market are going into 2020.
Greeff Christie's, City Bowl, Atlantic and Western Seaboard Director, Ryan Greeff, says, "It's interesting to see that the majority of respondents share a bullish sentiment that the market could increase by 5% year-on-year (roughly at the rate of inflation), with a small percentage of respondents seemingly optimistic about a 10% year-on-year increase. On the ground, we have experienced an approximate 23% increase in general buyer activity month-on-month from September to October, which is boding well for the property market and more in-line with the majority of the market's views."
Greeff Christie's City Bowl, Atlantic and Western Seaboard Managing Director, Marthinus Botha notes, "When looking at the chart holistically, property owners appear to be more optimistic about the recovery of the market than tenants and buyers, who on aggregate, are leaning more towards a 5% year-on-year decrease than sellers. Cape Town property owners who are considering selling in the short to medium term should strongly consider factoring this information into their decision making process, weighing up the potential risk of the market sliding the way of the bearish sentiment we see from a large portion of the buyers and tenants surveyed, and consider taking advantage of the typically buoyant "selling season" market conditions that are currently upon us."