Paarl Residential Property Market Grew by 32.7% in Rand Value in 2024
The Paarl residential property market is one of South Africa’s strongest residential markets and experienced significant growth during 2024 compared to 2023. Total annual sales (registrations) increased by 8.5% from 1 054 sales to 1 144 and the total Rand value increased by 32,7% from R3,28 billion to R4,35 billion.
Paarl's property market saw an increase in the average number of monthly sales from 89 units (valued at R273 million) in 2023 to 95 properties (valued at R363 million) in 2024. Consequently, the average price per property achieved in 2024 rose by 22% to R3 807 468, up from R3 113 741.
Own Title Market (houses):
In 2024, Paarl experienced a 7% increase in house sales, with 768 houses sold for a total value of R3 449 233 082. This represents a 39.3% increase in Rand value compared to the 717 houses worth R2 475 411 856 sold in 2023. Throughout 2024, approximately 64 house sales occurred per month at an average price of R4.5 million per house.
Sectional Title (apartments):
Paarl experienced a 31% increase in apartment sales, with 230 sectional title units (apartments) sold for a total value of R304 014 675 during 2024 – in comparison to 2023’s 175 units worth R270 004 587. That relays to about 14,6 sales per month at an average sales price of R1,54 million per unit.
Vacant Land (plots):
146 Vacant lands (plots) to the value of R602 495 828 registered during 2024 – in comparison to 2023’s 162 plots worth R536 466 778. That relays to about 13,5 sales per month at an average sales price of R3,31 million per plot.
Suburbs Sales:
According to CMAinfo, there are 44 "suburbs" in the Paarl. The top 5 suburbs in terms of total sales value during 2024 were:
- Val de Vie Estate: Total value of 106 registrations during 2024 was R1,257 billion.
1.1 68 homes sold for a total of R961 932 750. The highest priced property was 745 Val de Vie, selling for R84 million.
1.2 11 sectional title units sold for a total of R52 760 000 – highest prices unit was R7,4 million for Unit 15&43 Polo Village Apartments II.
1.3 27 vacant lands (plots) sold worth R242 390 000 – highest priced plot was Erf 1423 Roun Close (1,891 ha) for R23 million.
- Pearl Valley at Val de Vie: Total value of the 70 registrations during 2024 was R618 607 125.
2.1 28 houses sold for a total of R417 060 000. The highest priced house was 334 Bear Creek Boulevard, selling for R115 million.
2.2 1 sectional title unit sold for R3,35 million – Unit 503 Mantis Pearl Valley Hotel.
2.3 41 vacant lands (plots) sold worth R198 197 125 – highest priced plot was 58 Shoal Creek Crescent for R13,8 million.
- Drakenstein Rural: Total value of 92 registrations during 2024 was R358 972 764.
3.1 69 properties sold worth R321 036 764 – highest priced property was R115 million for Erf 41707 Bretagne Estate
3.2 15 sectional title units sold worth R11 483 000 – highest priced unit was R899 000 for Unit 51 Amberg.
3.3 8 vacant lands (plots) sold worth R26 453 000 – highest priced plot was Erf 35385 Groot Parys Lifestyle Estate for R7,608 million.
- Paarl North: Total value of 100 registrations during 2024 was R210 651 725.
4.1 75 houses sold for a total of R183 046 725. The highest priced house was 20 Optenhorst Street, selling for R3,5 million.
4.2 25 sectional title units sold worth R27 605 000 – highest prices unit was R1,8 million for Unit 4 Olyfbos.
4.3 0 vacant land (plot) sold.
- Courtrai: Total value of 49 registrations during 2024 was R207 448 500.
4.1 48 houses sold for a total of R203 898 500. The highest priced house was 2 Dorette Street, selling for R21,5 million.
4.2 No sectional title units was sold.
4.3 1 vacant land (plot) sold for R3,55 million – 15 Dumont Street.
If you are looking to buy in Paarl or would like to sell your property, please contact our accredited sales agents, Willie & Barbara Strydom (082 495 2600 & 083 340 3162 / willie.strydom@cch.co.za & barbara.strydom@cch.co.za) & Elna Schulze (082 577 7033 / elna@cch.co.za).
Author Benhard Wiese