Cape Town’s Green Point, situated on the Atlantic Seaboard, has seen its property prices double over the past five years.
From a sub-R5-to-R10 million suburb, Green Point is now increasingly topping the R10 million-R20 million-plus price range and its new luxury villas, while apartments can reach rental rates of up to R90,000-R120,000 per month according to Ian Slot, MD for Seeff Atlantic Seaboard and City Bowl.
Smart buyers, investors and developers have been renovating, rebuilding and constructing new apartment complexes and luxury villas in the area over the last few years and this has lifted the profile of the area, Slot said.
Green Point sits on the border and is very walkable to the City Bowl and Atlantic Seaboard. You are barely two blocks from the Waterfront and close to the Sea Point Promenade and attractions of Main Road, the agents said.
The suburb attracts a wide mix of buyers including foreign investors according to Ginsburg and Biccari. It is also very popular for holiday and short-term rentals. Property options range from Victorian-styled cottages to modern apartments uber-luxury villas that rival those of the Atlantic Seaboard.
The suburb has seen price growth of more than 100% over the last five years. The latest Propstats data shows that freehold houses have sold for R8 million-R14 million this year and a sale was recorded above R20 million in 2017.
Recently completed developments include The Warwick, The Beacon, Romney One, Chelsea on Main, The Chelsea and The Richmond. Based on recent sales, apartments have sold for on average around R5.1 million in Chelsea on Main with a highest price of R13 million while the Warwick achieved an average price of R4.3 million and a highest price of over R12 million according to Ginsburg and Biccari.
Generally, apartment prices range from around R35,000/sqm while those with views, security, renovations and parking, can sell for on average R45,000-R55,000/sqm.
Barbra-Ann Briner and Vivien Adler, Seeff rental agents noted that rentals range from around R25,000/month for a two-bed apartment and R35,000 for three beds while freehold houses range upwards of R30,000/month.
Luxury new houses can reach R120,000/month and apartments R90,000/month.
Seeff highlighted the following R120,000/month super luxury triple-storey villa with its own elevator, three bedroom suites, sea views, top class finishes and full designer furnishings.