One South African town where house prices increased from R400,000 to R1.2 million

House prices in small West Coast towns have increased significantly over the last decade, with Elands Bay experiencing 213% growth.

Seeff Property Group said West Coast towns and villages are no longer just for holidays and retirement.

Many people are moving into areas such as Langebaan, Yzerfontein, St Helena Bay, and Elands Bay for a more relaxed lifestyle.

“The beautiful fishing villages, many with white-washed Cape vernacular architecture have seen a strong shift in sales activities during the market boom of 2021,” Seeff said.

Due to the wealth migration to the West Coast, luxury homes in Langebaan are being sold for up to R5 million to R8 million.

People working in Saldanha and Vredenburg and those who come to the West Coast for business often prefer to settle in places such as Langebaan.

This has boosted the Langebaan property market, where transactions worth over R1.3 billion were recorded for the twelve months up to the end of September.

Given its proximity to Cape Town, under two hours’ drive, Langebaan is a popular weekend getaway for Capetonians.

Langebaan is not the only popular destination. Towns like Malmesbury have benefited from the upgrades to the N7 that runs through the region.

Given that it is only about a 40-minute drive from Cape Town, many people choose to settle there and commute daily.

Lightstone data shows the West Coast property markets boomed during 2021 and 2022, resulting in notable growth in median prices over the last five years.

House prices doubled in areas such as Yzerfontein and Paternoster, while areas such as Langebaan, Malmesbury and St Helena enjoyed a notable uptick.

Yzerfontein boasts the highest average transaction price of R3.1 million, followed by Langebaan at R2.3 million.

Apartments in Marina Village sold for up to R3.75 million, and luxury homes in Calypso Beach for up to R8.8 million.

These were mostly holiday homes and apartments, including a South African Expat from Canada who purchased a holiday home.

Club Mykonos also remains popular. The highest demand is now in the R1.5 million to R2.9 million range.

Paternoster’s median price is R1.9 million, while Saldanha, Vredenburg, and Malmesbury tend to offer more affordable prices.

Buyers in Yzerfontein, Langebaan, and St Helena Bay tend to be mostly older and comprise a mix of holiday and retirement buyers.

The table below shows the change in house prices in small West Coast towns over the last decade.