Luxury Cape Town properties in demand

estate agents operating in some parts of cape town are reporting an increased appetite from buyers looking for exclusive homes with beautiful views. arthur’s seat mansions – a four bedroom apartment, older building located on the sea point beachfront. it is on the market at r5.4 million. while some areas report a drop in sales levels due to the global economic downturn, areas including sea point, v & a waterfront, newlands, upper claremont, rondebosch and upper kenilworth are experiencing a huge demand for properties valued at over r1 million. ahead of the 2010 fifa soccer world cup, the city underwent a major clean-up making sea point a sought-after location as both a residential and tourist destination. sea point, home to some 25 000 people has seen major investment in commercial and residential property with many older buildings being refurbished. according to pam golding properties (pgp), there is a growing demand for apartments at sea point thanks to its trendy lifestyle and convenient location from the city centre and the v&a waterfront. basil moratis, area manager for the atlantic seaboard and city bowl said there is a steady growth in demand for luxury beachfront apartments in sea point. he explained that in 2009, there was only one apartment sale of over r5 million in the entire suburb. in 2010, that number grew to six, five of which were sold by pgp. “the highest price achieved in the suburb in the last five years was r8.4 million for a two bedroom apartment, in the atheneum on beach road,” said moratis. he said this year, three properties priced over r5 million have been sold. buyers in sea point are mainly individuals downscaling from larger homes elsewhere in the city. they are attracted by the convenience, security features and the lifestyle elements of being close to the v &a waterfront. “gauteng buyers have shown interest in sea point drawn by the suburb’s older buildings ideal for renovation which allows them to customise properties to their own taste,” said moratis. he said older apartment buildings sell for around r22 000 to r25 000 per square metre and buyers absolutely love these. up-market apartments in the v & a waterfront are said to offer excellent investment value thanks to its architectural charm and central location. foreign buyers are said to love the lock-up and go concept and locals appreciate it as a permanent place to live and work. these are priced between r3.5 million to r40 million and buyers looking for sound investment are prepared to pay the price.
newlands home is selling for r4 595 000.
lanice steward, managing director of anne porter knight frank will focus on the v& a waterfront as a priority market, adding that it is on par with the world’s best waterfront properties. steward said developers preserved the v & a older buildings in such a way that even after refurbishments, the buildings authenticity and victorian-cum-nautical character can be seen. unlike many apartments, at the v &a, public open spaces promote a community feel enabling people to mingle without feeling out of touch with their surroundings. the waterfront has many exclusive five star hotels including one & only, victoria & alfred and the bay, with a retail mix of more than 250 shops. the working harbour creates an ambient vibe for visitors to watch. “security, especially at the marina has been a key bonus for visitors and those looking for exclusive property in cape town,” said steward. in areas such as newlands, upper claremont, rondebosch and upper kenilworth, estate agents report successful property sales of between r2 million and r5 million. tony van der lith from rawson properties said they are seeing a huge demand for homes priced under r2 million. “we have regular enquiries for homes in the r1.5 million to r2 million bracket, sadly, there is very little stock in this price bracket,” said van der lith. upper kenilworth four bedroom, double storey home is priced at r6 275 000. he said apart from the new 700 sectional title units brought to the market by rawson developers in the rondebosch area, supply is not meeting demand in the sub r2 million price brackets. in the past 12 months, the average house price in upper claremont was r3.85 million and the average sale time was 99 days, he said. those buyers who cannot find homes in the area at a price they can afford can either buy on the periphery of the highly sought after areas or rent, he said. areas such as lynfrae, rosebank, lower claremont and the trendy popular harfield village favoured by young couples are good affordable priced properties. “they are located within easy cycling distance of good schools, a major attraction for buyers coming to the central cape peninsula suburbs,” he said. free standing homes for rentals are priced at just under r10 000 while the average standard rental in this area range from r9 000 to r18 000 per month.