The Cape Town property market heads into another sizzling summer season both for tourism and property according to the Seeff Property Group
The City is just about booked out for the summer, has again achieved Blue Flag status for many of its top beaches including Clifton and Camps Bay and restaurants are opening including new additions from Johannesburg such as Tang and Mythos Restaurants at the Waterfront.
Set between mountain and sea, and regarded as one of the most beautiful cities in the world, the allure of Cape Town is not just local, but global, says Ross Levin, licensee for Seeff Atlantic seaboard and City Bowl. Performance of the property market this year shows that wealthy buyers are prepared to invest more into Cape Town property than even in the wealthy areas of Joburg and Pretoria.
More properties have sold above R20m in Cape Town than ever before! By the end of November, some 111 such properties had already sold to the combined value of more than R3.5bn, exceeding the previous highs of 2017 and 56% more than the whole of 2021. The bulk of the super luxury sales were on the Atlantic seaboard (Clifton, Bantry Bay, Fresnaye, Camps Bay and Waterfront) and City Bowl (Oranjezicht and Higgovale), and in the southern suburbs (Constantia and Bishopscourt).
The Atlantic seaboard and City Bowl market already boasts combined sales of more than R8bn which tops the highs of 2016 (at R7.7bn) and is notably up on 2021 (at R6.5bn). The average price for a freehold house in Clifton stands at R30m, Bantry Bay at R24m, Fresnaye at R19m and Camps Bay at R15m. The highest prices achieved include R72m for an apartment in Bantry Bay (sold by Seeff) and R125m for a house. Camps Bay achieved the highest number of sales above R20m. Apartments have sold for as much as R47m in Clifton and R50m at the Waterfront (sold by Seeff).
Luxury apartments sold on the Atlantic seaboard represent 25 of the highest prices paid in the country this year, three of which sold above R50m. Notably, the Seeff sale of a luxury unit at the Aurum Presidential Residences in Bantry Bay lifted the price paid per square metre to a new record of R180,905m2. Semigration and international buyers represent a notable added boost to the market. Levin says aside from locals, there has been an increase in buyers from Gauteng along with KwaZulu-Natal, the Eastern Cape and even Limpopo.
He says further that the economic challenges in the USA and Europe, may well drive more international buyers to invest their money in property in SA which, despite its challenges, is seen as a stable property market. Either way, we are looking forward to a busy summer. With so many visitors in the City, many will no doubt be looking around with the view to either semigrating or investing in a second home. The quintessential luxury cosmopolitan beach lifestyle and excellent service delivery continues to underscore the desirability of property here. Levin says the property market performance demonstrates that if you are going to put your money into property, Cape Town, and the Atlantic seaboard and City Bowl in particular are a strong bet.
CLIFTON
R160m for No. 5 Nettleton Road (the most desirable street in the country). Located against Lion’s Head with spectacular sea views, this iconic Stefan Antoni-designed home is set over several floors with its own elevator and a floating staircase. It features five-bedrooms (all en-suite), a chef’s kitchen fitted, multiple open-plan living and dining areas flowing onto an expansive entertainment terrace and large infinity pool. The property also features a private garden bordering onto the mountain, a gym, cinema room, back-up power facility, four-car garage, and double staff accommodation.
FRESNAYE
R120m for a spectacular villa on a large 3027m2 plot. Designed by renowned architect, Marvin Farr, this unique Fresnaye home features nine-bedrooms, 9.5 bathrooms, multiple formal and informal living areas, a dramatic dine-in wine cellar for 20 people, a gym, sauna, and an expansive outside entertainment area with a lush garden, a large pool, bar area and a private tennis court.
CAMPS BAY
R100m for a luxury beachfront bungalow offering spectacular views, five-bedrooms with en-suite bathrooms, formal and informal lounges, ultra-modern kitchen with top of the range integrated appliances, a sunroom and a stunning living area which opens onto a feature entertainment and pool area with direct access to Glen Beach and the ocean for the ultimate beach lifestyle.
