Penthouses in South Africa draw international interest as buyers seek to indulge their expensive taste.
Penthouses have an allure that transcends borders. From iconic personalities like Marilyn Monroe to modern superstars like Taylor Swift, these sky-high palaces are the ultimate dream for the world's elite.
The world's most coveted penthouses have fetched astronomical sums - over USD 100 million, or nearly R2 billion. Monaco's Odeon Tower Penthouse achieved USD 440 million, while London's One Hyde Park Penthouse D secured USD 237 million. Not far behind are the Ritz-Carlton and Woolworth Tower Residences in New York, along with House No. 1 in Hong Kong's The Peak, all surpassing the USD 100 million mark.
And now, South Africa is rising as a global contender in offering some of the most irresistible penthouses on the planet.
Imagine waking up to the golden rays of the sun dancing over the warm waters of the Indian Ocean in Umhlanga. Picture yourself soaking in panoramic vistas that stretch from the Atlantic Seaboard all the way to Robben Island. Or perhaps you're enticed by the vibrant, bustling cityscapes uniquely offered by Sandton's top-floor residences.
Whichever your preference, the options await.
Why Are Penthouses in South Africa So Popular?
What's driving this fervour for penthouses in South Africa? According to Ross Levin, who oversees Seeff's Atlantic Seaboard and City Bowl branches, buyers are drawn to the stunning views, the exclusivity and privacy that comes with direct lift access to the penthouses, luxurious interiors, and very often, a concierge and valet service. Status and convenience play a significant role in a penthouse’s appeal.
These penthouse spaces, ranging from 600 to 1000 square meters, also boast top-of-the-line finishes, en-suite bedrooms, and the epitome of modern convenience at your fingertips.
As if that weren't enough, these penthouses often extend into lavish terraces, sometimes complete with your very own private pool. Additionally, you can expect five-star amenities, such as a well-equipped gymnasium at your disposal.
Levin points out that penthouses consistently fetch the highest average prices among apartment dwellings - often even outpacing the cost of standalone houses. The reasons? Rarity, for one. Typically, a building will have just a single penthouse, majestically perched on the top of one or two floors, boasting unobstructed, sweeping 360-degree vistas.
Penthouses in South Africa: Atlantic Seaboard
Penthouses across the Atlantic Seaboard command a staggering 40% to 50% premium compared to other apartments. Currently, prices for these Cape Town gems range from R55 million (around USD 3 million) up to R250 million (approximately USD 13 million).
Notable among these penthouse properties are:
- One&Only Penthouses at the Waterfront: Seeff has already sold two of these showstoppers at record prices - R110 million and R55.5 million for a shell scheme (which would be worth R85 million once completed).
- Waterfront Marina Penthouses: According to Finella Botes, a Property Practitioner with Seeff Waterfront, these properties have hit top prices between R55 million and R65 million, with current listings hovering from R45 million to R55 million.
But Cape Town's Atlantic Seaboard has other hotspots too:
- Clifton: Currently the most sought-after location, penthouses overlooking Moses Beach, such as Eventide, are commanding prices north of R120 million.
- Bantry Bay and Sea Point: According to Adrian Mauerberger, a luxury sectional title Property Practitioner with Seeff, penthouses in these areas are also increasingly coveted. The standout properties here include The Bantry (Bantry Bay), Aurum (Bantry Bay), and The President (Bantry Bay)
- Other popular choices include St Johns Estate (Sea Point), La Camargue (Sea Point), and The Fresnaye (Fresnaye), with prices starting at a staggering R30 million.
Penthouses in South Africa: Sandton
In the Sandton area, a penthouse in Waterfall City fetched a jaw-dropping R75 million this year. According to Charles Vining, Managing Director for Seeff Sandton, top-tier properties like the Michelangelo and DaVinci Penthouses are in a league of their own, but he notes the supply of these penthouses is growing.
Here is a snapshot of the price landscape:
- Prices start from R80 million and can catapult to a staggering R250 million or more.
- A penthouse in the famed Michelangelo Towers was snapped up in 2014 for R43 million and relisted in 2018 with a tag of R50 million.
- The Regent in Morningside had its own moment in the sun when it sold in 2016 for R31 million, only to hit the market again in 2018 at almost double the price—R60 million.
Penthouses in South Africa: Umhlanga
In Umhlanga, penthouses are scarce. Yet according to Anni Eisele from Seeff Umhlanga, these penthouses are about 45% to 50% more expensive than other apartments in the area.
Notable sales include:
- The Oysters. Originally sold for R13 million and resold two years later for R29 million. After a refurbishment, it's now valued at R35 million.
- Pearls of Umhlanga. This penthouse set a local record, selling for R50 million in 2021, the highest price for a penthouse in the Durban/Umhlanga area.
Stunning views and sky-high prices position penthouses in South Africa as the ultimate luxury purchase. From the stunning ocean views of Umhlanga to the buzzing cityscape of Sandton, the blend of opulence, exclusivity, and architectural mastery is hard to resist.
Are you eager to buy one of these penthouses? Contact Seeff for advice and area expertise. As a leading real estate agency in South Africa, we understand the intricacies of the luxury property market.
Read our blog for more insights and tips on luxury property investment.
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