Seeff reports on the popularity of Cape Town Atlantic Seaboard properties and urges buyers to act fast
Within the higher price brackets, City Bowl and Cape Town Atlantic Seaboard properties are soaring in popularity. This was evident in 2021, but Seeff reports that sales today show no sign of slowing down. However, it is also worth noting that the activity refers to more sold units instead of sellers receiving higher prices.
“The market has strengthened compared to last year. This is reflected in a higher number of sales, a higher average rate per square metre and an increase in the average selling prices,” said Jo Lombard, luxury housing specialist for Seeff Atlantic Seaboard.
The demand largely stems from semigration buyers who hail from Gauteng and Kwa-Zulu Natal and international buyers who have their eye on properties along our beautiful coast and the mountainside. It is no surprise that the City Bowl and Atlantic Seaboard properties are drawing such attention; the area is often likened to Monaco and the French Riviera, thanks to its scenic surroundings and cosmopolitan coastal lifestyle.
When it comes to these fabulous Atlantic Seaboard luxury properties, no buyer wants to be without them. Stock levels are already depleted. For sellers, it is a great time to list your home, and for buyers, it is a race to the best, most sublime home.
What Do the Sales Look Like for Cape Town Atlantic Seaboard Properties?
In the first seven months of 2022, sales exceeded R5 billion. In comparison, the entire 2021 year yielded sales barely over R6.6 million. Now, for the first time in years, Seeff is seeing properties in short supply as demand skyrockets. This is especially true in high-end areas such as Bantry Bay and Camps Bay.
Seeff has sold almost R1 billion in property listings, and some sales have even exceeded R20 million. Properties in Fresnaye went for R43.5 million and R23 million, respectively, and R21.7 million in Mouille Point (joint sale). These beautiful homes all went to local buyers who paid in cash!
Not to be left out of the property buzz, international buyers also purchased prime real estate on the Cape Town Atlantic Seaboard. Property at The Waterclub went to a German buyer for R24 million, a Swiss buyer snatched up an R22.6 million property in Bantry Bay (joint sale), and Camps Bay saw two sales for R23,995 and R23,9 million to UK and USA buyers, respectively.
The Fresnaye and Bantry Bay areas have seen demand from R8 million to R10 million. In some cases, sales have exceeded R20 million.
“The luxury R4,5 million to R6 million and the super luxury price band above R10 million have been more buoyant this year.” Adrian Mauerberger and Bryan Ginsburg, luxury sectional title specialists for Seeff Atlantic Seaboard.
Best Selling Cape Town Atlantic Seaboard Properties
Apartments are currently the best-selling property type on the Atlantic Seaboard. In fact, apartments account for 70% of units sold, while freehold houses account for the highest value, generating almost 60% of 2022’s value sales revenue.
These numbers are similar in the City Bowl and CBD. Sectional titles and apartments make up 67% of units sold, while freehold houses account for 58% of the total value of sales revenue.
“In the City Bowl, the R2 million to R5 million price band is the most active for apartments and sectional title property,” said Danny Da Costa, Property Specialist at Seeff Cape Town Atlantic Seaboard and City Bowl.
Property Investment Opportunities for Buyers in the Atlantic Seaboard
There are countless investment opportunities within Cape Town Atlantic Seaboard properties. Already, buyers and developers have invested billions into the area and modernised it to make the Atlantic Seaboard one of the most desirable residential real estate on the African continent. If you’re looking for an investment opportunity, why not start here?
Buyers must act fast if they hope to secure one of the sought-after Atlantic Seaboard properties. There has been a price reduction of around 20% since COVID-19, and asking prices are more realistic now, which is good news for buyers and sellers alike. Seeff does advise that buyers should offer as close to the asking price as possible if they hope to seal the deal.
If you’re ready to take that step, read Seeff’s blog on what to look for when buying your first home. If you’d like to join the ranks of buyers who pay in cash, read Seeff’s blog for tips on buying property with cash.
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