Atlantic Ocean beaches are 12 miles away, and downtown Cape Town is a 20-minute drive. The Cape Town market has historically “shown continuous growth year-on-year,” said Mike Greeff, chief executive of Greeff Properties. Contributing to the growth are an increasing number of what Mr. Greeff called “semigrants” — residents of Johannesburg, Pretoria and other parts of South Africa who are moving to Cape Town. Sign Up for the Real Estate Newsletter Every week, get updates on residential real estate news, covering the five boroughs and beyond. Advertisement Continue reading the main storyWHO BUYS IN CAPE TOWNForeign-owned property accounts for some 8 to 10 percent of residences in the Western Cape region, where Cape Town is — significantly higher than the national average of about 3 percent.

Source: New York Times April 12, 2017 13:30 UTC