Property prices have crashed in some of Cape Town’s priciest suburbs as demand evaporates.

Sellers on the Atlantic seaboard and in upper Constantia have cut asking prices by up to R10m in the past three months, according to latest sales data.

In a statement on Wednesday, estate agent Seeff’s MD for the Atlantic seaboard and city bowl, Ross Levin, said recent sales had been concluded at “anything between 20% and 50% below the asking prices”.

He added: “The market is already down by 40% since 2016/17, and despite the expected uptick following the election, the reality has been a further decline of 15% in value generated during the first half of this year. High-end sales remain especially slow.”

Seeff’s luxury market specialist, Lance Cohen, said he had several high-end listings where prices had been reduced by millions of rands.

Propstats data showed properties were taking 126 days to sell, on average, compared with 75 days in 2018.

Prices being achieved for Atlantic seaboard properties were 16.9% below asking prices, on average.