Cape Town’s beach apartments remain among the most desired property with a number of these selling above R20 million to as much as R42.5 million (Mouille Point) and now a record price of R53.8 million in Bantry Bay, according to Seeff.
Cape Town’s apartment market generated over R6 billion in value last year according to Propstats and Lightstone data, with more than half of that value coming from the coastal suburbs, especially the Atlantic Seaboard which generated some R830 million in super-luxury R20 million-plus apartment sales, according to Ian Slot, Seeff MD for the area.
These top-end sales have been mostly in Clifton, Camps Bay, Bantry Bay, Mouille Point and the Waterfront. Apartment sales are also fairing much better than freehold houses, having generated over R1.12 billion in value for this year to end May 2018, twice as much as that of the freehold sales, said Slot.
Adrian Mauerberger and Cecily Sher, agents for the luxury sectional title sector have for example sold R125 million worth of luxury apartments in the first quarter alone, Seeff said.
Two of these being top end units in The Bantry (on Victoria Road) which sold for R31 million and R53.8 million respectively, the latter being a new price record for Bantry Bay. The previous highest price for an apartment in the suburb was R42.5 million, incidentally for the same apartment sold by Seeff in 2014.
Cape Town’s beach apartments have delivered among the best capital appreciation over the last few years and attracts a premium of 20% to 40% and even more for high demand locations, said Slot.
Overall, the sub-R3 million price band remains the most active with sales still concluded in 41 days and within 6.3% of asking price, predominantly in the Sea Point and Green Point. Above this price range, it takes around 86 days on average to sell and sellers are getting between 9.4% to as much as 22.5% below the asking price.
The record apartment is 599 m² and has three bedrooms, and 4.5 bathrooms, while additional features include a bar and wine cellar/tasting room. “Additional Study/4th Bedroom (en-suite) as well as a guest cloakroom add to the rarity of this home on the water. 24 hour concierge offers top security living with direct elevator access to four basement parking bays and two store rooms,” Seeff said.