Cape Town properties back in demand

The results of a recent survey suggest a growing demand for residential property in Cape Town at the end of the second quarter. The market for property in South Africa has slowed down during the past twelve months but business in the Western Cape has improved and local agents selling property in Cape Town in particular are feeling more confident regarding the strength of the residential sector. Experts said the results of the second quarter FNB Estate Agent survey suggested first time buyers are more prominent of late and the buy-to-let sector was showing signs of improvement from eighteen months ago. Increased seller confidence has meant a slight fall in the percentage by which sellers are prepared to drop their asking price. According to research in the final quarter of 2011 an estimated 100 per cent of completed properties sold at less than the original asking price – whereas by the end of the second quarter of 2012 this had declined to around 80 per cent.