According to an article on Mansion Global, the luxury real estate market is enjoying a boom due to the Covid-19 pandemic.
Last year, the Atlantic Seaboard and City Bowl in South Africa experienced a dramatic bounce-back. It has reached some of the highest sales volumes seen over five years.
Ross Levin, a licensee for Seeff Atlantic Seaboard and City Bowl, reports that global high-net-worth individuals (HNWI) reaffirmed their confidence in bricks and mortar during 2021 and that this is evident in the record transactions for luxury homes boasting more than $5 million each.
Certain City Bowl suburbs are some of the fastest-growing suburbs in South Africa. Over R2 billion worth of property transactions were concluded within last year alone, with 20% being higher than average compared to other areas across South Africa.
“We are particularly pleased to see that the City Bowl’s top-end suburbs such as Tamboerskloof, Oranjezicht and Higgovale are attracting more HNWI buyers who are investing millions in homes in this new luxury enclave,” Ross Levin adds.
At the Ridge Estate in Tamboerskloof, there are 1000sqm vacant plots hitting prices above the R16 million mark. The demand is so great that this luxury real estate is almost 50% sold out. But while the estate has attracted record high values, that’s not the only notable aspect of this boom.
“Purchasers are showing massive confidence in the development, area and country and are constructing substantial houses,” shares Levin.
This development is on its way to becoming a leading real estate. According to Levin, the Ridge Estate is set to shatter the luxury price ceiling. Yet it is one of only three luxury real estates in the Atlantic Seaboard and City Bowl. Currently being designed by some of South Africa's top architects, three homes are expected to be worth upwards of R50 million once complete. Yet if you’re still considering whether to buy, time is of the essence.
“The advantage of getting in early is that you can benefit from the tremendous growth likely to be associated with property in the estate,” says Levin.
According to an article in Financial Express, luxury buyers are now looking for a healthy lifestyle and proximity to nature. The Ridge Estate delivers on this with its eco-sensitive building design and indigenous landscaping that complements the top-class architecture - a credit to one of the country’s leading architectural firms: SAOTA (Stefan Antoni).
“There is no doubt that a completed and established Ridge Estate will become one of the most sought after addresses in Cape Town,” concludes Ross Levin for Seeff.
The Ridge Estate is set upon the slopes of Lion Head, in an exclusive and prestigious location, and quickly attracting both national and international buyers. With 25 plots available, all with panoramic views that sweep across the city, harbour, and mountains, this spot is ideal for buyers seeking the luxury lifestyle. That is not all this estate offers: