Record sales in Western Cape



More than 1600 residential units were sold in the Western Cape during May - a 46 percent increase on the figure for the same month of 2001. But even more impressive, says Bill Rawson, chairman of the Western Cape branch of the Institute of Estate Agents, is the fact that the sales value rose 69 percent to R974-million. He says foreign buyers continue to have a considerable impact, being responsible for 16,4 percent of the region's total sales value and seven percent of units purchased. The latest figures also reveal growing interest in the Boland and rural areas. A record 244 transactions with a total value of R134-million were recorded in the Boland during May. Rawson says the 'phenomenal' run enjoyed by Cape property sellers has surprised him because even the largest agencies have been short of stock. 'In the short-term, I think some sort of slow-down is likely because that traditionally does happen in mid-winter and the increase in interest rates will have its effect. However, I do not foresee values declining significantly - I think they will continue to rise, albeit at a slower pace.' Article: Property 24 For the latest real estate news, visit www.property24.co.za