Langebaan Residential Property Market Report - 2024
- OVERVIEW OF HOUSE SALES IN LANGEBAAN
Firstly, it’s time for a scene setting recap, 2021 was the year of unit sales growth, with property sales increasing by an amazing 66.8% when compared to 2020, followed by 2022, a year of significant price inflation, when house prices rose by 33.7% when compared to 2021.
Then came 2023, a year of consolidation, but even then, the number of house sales increased by 6% and prices increasing by 11.5% when compared to 2022.
The combination of these three years of high sales and, unusually for property, massive price increases has probably resulted in Langebaan forever shedding its image as a quiet coastal town with country lifestyle property prices.
And now the 2024 results are in, and it finally appears that house prices, while still showing a healthy increase considerably above CPI, are starting to encounter some headwinds due to buyer price resistance.
- LANGEBAAN HOUSE SALES – RESIDENTIAL MARKET GROWTH 2014 TO 2024.
In 2024 the total value of full title, residential houses sold in Langebaan, as tabled below, was for the first time over a billion rand, with the actual figure being R1 044 674 059, compared to R873 261 565 in 2023. The table below also shows the cumulative compound growth of the estates and suburbs that were active in terms of sales for the 10-year period since 2014.
For the record, the comparable property sales totalled R221 754 230 in 2014.
From 2023 in 2024 the number of property sales remained constant, increasing slightly from 291 units to 299 units, excluding Plot and Plan sales, with the median price increase between the two years being 8.2%.
- LANGEBAAN SUBURBS
The main growth area in Langebaan is still the greater Laguna area, with several estates of various sizes currently being developed. Other notable growth areas are Langebaan Manor Estate in the centre of town and Chardon Estate in Langebaan Country Estate.
The drop in the mean price in Calypso Beach is not due to a reduction in price, but due to where the properties are located. This is caused by the disparity in pricing between properties directly on the beach front and all the rest of the properties, even those just a street width away from the beach. In 2024 less beach front properties were sold than in 2023, hence the drop in mean price.
The other two estates displaying significant drops in mean prices were Olifantskop and The Waterfront. In both cases this was a caused by the relatively low number of sales recorded, where one high or one low priced property can significantly affect the price calculation.
Myburgh Park performed well with a 13.6% increase in sales and a 24.0% in mean price.
Although not included in any of these statistics, Shark Bay Estate deserves a mention with sales of 14 vacant plots with a mean price of R2 725 000.
- LANGEBAAN LUXURY PROPERTY – SALES SURPASSING THE R10 MILLION MARK
To re-enforce the fact that property is a sound investment in Langebaan, in 2024, 6 properties achieved sales prices above R10 million:
28 Cormorant Close in Myburgh Park – R10 000 000.
28 Zeus Avenue, Paradise Beach – R10 750 000.
13 Uitsig Street, Middedorp – R12 000 000
1063 Schapejacht Close, Langebaan Country Estate – R12 550 000.
4 Cyphia Close, Myburgh Park – R14 943 000
108 Kus Road, Middedorp – R20 000 000.
LANGEBAAN | 2024 | 2023 | VALUE GROWTH | |||
SUBURB OR ESTATE | TOTAL SALES | MEAN PRICE | TOTAL SALES | MEAN PRICE | YEAR ON YEAR | 10 YEAR COMPOUND |
Aegean Heights Estate | 0 | R0 | 0 | R0 | 0.0% | n/a |
13 | R3 180 000 | 6 | R3 009 167 | 5.7% | 7.8% | |
13 | R4 750 000 | 10 | R6 349 500 | -25.2% | 5.0% | |
Chardon Village | 6 | R5 150 000 | 0 | R0 | 0.0% | n/a |
30 | R2 775 000 | 40 | R2 773 875 | 0.0% | 7.5% | |
39 | R4 480 000 | 48 | R4 107 896 | 9.1% | 9.2% | |
Da Gama Village | 4 | R2 145 000 | 3 | R2 000 000 | 7.3% | n/a |
Galjoenduin | 3 | R1 650 000 | 6 | R1 627 500 | 1.4% | 3.2% |
La Pinta Village | 5 | R2 650 000 | 4 | R2 077 500 | 27.6% | n/a |
Laguna Estate | 13 | R2 065 000 | 26 | R1 885 000 | 9.5% | 6.5% |
Laguna Heights | 2 | R3 137 500 | 0 | R0 | 0.0% | n/a |
Laguna Hills | 2 | R1 890 000 | 6 | R1 724 500 | 9.6% | n/a |
Laguna Lifestyle Village | 9 | R1 670 000 | 2 | R1 670 000 | 0.0% | n/a |
Langebaan Manor Estate | 38 | R2 645 000 | 0 | R0 | 0.0% | n/a |
Long Acres Estate | 7 | R3 650 000 | 7 | R3 685 714 | -1.0% | 7.9% |
30 | R3 200 000 | 34 | R3 169 415 | 1.0% | 7.5% | |
50 | R3 835 000 | 44 | R3 093 864 | 24.0% | 6.2% | |
Olifantskop | 2 | R2 700 000 | 3 | R4 200 000 | -35.7% | 5.2% |
Oystercatcher Estate | 2 | R2 775 000 | 1 | R2 900 000 | -4.3% | n/a |
5 | R5 000 000 | 3 | R5 007 108 | -0.1% | 6.2% | |
Plover Estate | 2 | R2 615 000 | 1 | R2 300 000 | 13.7% | n/a |
Sandpiper Estate | 1 | R2 500 000 | 0 | R0 | 0.0% | n/a |
Santorini Village | 6 | R1 350 000 | 7 | R1 220 000 | 10.7% | n/a |
Shark Bay | 1 | R6 750 000 | 0 | R0 | 0.0% | n/a |
Skiathos | 8 | R1 950 000 | 11 | R1 875 909 | 3.9% | 8.2% |
4 | R3 662 500 | 6 | R3 311 667 | 10.6% | 8.0% | |
The Cove | 1 | R5 622 500 | 2 | R4 150 000 | 35.5% | 8.1% |
The Waterfront | 1 | R2 410 000 | 4 | R2 975 000 | -19.0% | -0.4% |
Villa Diamante | 7 | R1 800 000 | 14 | R1 533 929 | 17.3% | 9.0% |
Mean Price Comparison | 299 | R2 975 000 | 291 | R2 750 000 | 8.2% | 7.1% |
PLOT SALES PORTION OF PLOT AND PLAN DEVELOPMENTS | ||||
LANGEBAAN | 2024 | 2023 | ||
SUBURB OR ESTATE | TOTAL SALES | MEAN PRICE | TOTAL SALES | MEAN PRICE |
Chardon Village | 8 | R850 000 | 0 | R0 |
Laguna Dunes | 37 | R450 000 | 0 | R0 |
Spartikus Estate | 24 | R699 000 | 0 | R0 |
Wildflower Estate | 31 | R485 000 | 0 | R0 |
Plover | 0 | R0 | 25 | R500 000 |
Total Sales Value | 100 | R57 895 000 |
| R12 400 000 |
- FACTORS AFFECTING THE REPORTING OF HOUSE SALES
When analysing the table of the breakdown of house sales in the various suburbs and estates of Langebaan the following should be taken into cognisance:
- A limited number of sales in an area can dramatically affect the mean price, which may not then be truly representative of the area.
- This year, as there is now valid sales history available, the greater Laguna area has been split up where possible into the new estates.
- Again, mainly in the Greater Laguna area, some of the sales are recorded in the Deeds Office at only the value of the plot, as many sales in the area are on a Plot and Plan basis, where the plot is first registered in the owner’s name and the value of constructing the house falls under a building contract, which value is not added to the sale and therefore not recorded at the Deeds Office.
The significant Plot and Plan sales are now listed separately in the second table in the report below. As stated in the paragraph above these are actually house sales, with total values from around R2 000 000 and upwards.
The table of sales below does not include sectional title dwellings or other vacant stands.
Some smaller estates are not listed separately, but their sales are included in the statistics of the suburb in which they are situated.
Regarding the 10-year growth percentage for total Langebaan, only data from suburbs with recorded sales in 2014 were included.
Growth rates were calculated using the mean price, which is the norm, not the average price, so as to reduce the influence of any significant outliers.
For more information about the Langebaan property market, or to get an updated and free comparative market analysis of your property, please contact one of our local member agents.
Author Noel van den Heuvel (noel@cch.co.za / 072 777 4832)