Foreign property buyers preferred various Johannesburg suburbs to Cape Town in 2021 – to a massive extent.
Foreign buyers were active in the Western Cape too, as overall property transactions by foreigners recovered from a pandemic slump – but not nearly to the same extent. On a net basis, foreigners bought more than seven properties in Gauteng for every one they bought in the Western Cape.
In 2020, Lightstone says, foreigners bought 7,125 properties in South Africa, down from more than 8,000 the year before. In 2021, purchases hit a record of nearly 9,500. More than half those purchases were in Gauteng, and 24% were in the Western Cape, with KwaZulu-Natal coming in a far-back third. But foreigners sold property in the Western Cape almost as fast as they bought it, making for a net of only 188 purchases in that province. In Gauteng, on the other hand, net purchases came to 1,369 – more than double the net purchases for every other province put together.The most popular suburbs, according to Lightstone's count of property volumes, were:
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