It’s a sign of the times that even in Cape Town, a city known as much for its rocketing property values as for its postcard beaches, estate agents have been battling to shift luxury homes. The high point this year came in May, when Seeff sold a triple-storey mansion in De Wet Road in Fresnaye, known as one of the city’s few wind-free suburbs, for R55m to a businesswoman and her husband. The house, built in 2008, has over-the-top luxuries including a cinema, an outdoor and indoor pool and three different kitchen areas, alongside more routine features such as four en suite bedrooms. But the point is, this was believed to be the highest price fetched in Cape Town this year. This suggests that while the city’s luxury housing market may not be as cold as the icy waters off Clifton’s beaches, it’s far from the red-hot market of a few years ago. Last year, for example, one super-luxury 400m² penthouse at the new Silo 3 development sold to a man coyly described as "a local businessman" for ...

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