Camps Bay achieves record sales in spite of market dip

The Glen side of Camps Bay has always been the most sought after part of this exclusive Atlantic Seaboard suburb, consistently achieving the highest sale prices because of its proximity to Clifton and the Camps Bay strip as well as its enviable wind-free position.

This house recently sold for R47 million and was a record price achieved per square metre on the Apostles side of Camps Bay, which has traditionally attracted slightly lower sale prices than the wind-free Glen-side, closer to Clifton.

This is corroborated by a recent Lightstone report which revealed that Glen Road is the second most valuable street in South Africa. However, the Twelve Apostles side of Camps Bay which overlooks Bakoven has become increasingly popular and prices are now nudging the suburb’s record transactions.

A recent sale by Brendan Miller, Lew Geffen Sotheby’s International Realty Atlantic Seaboard CEO, achieved not only the highest Rand per square metre on the Apostles side of Camps Bay but also the highest sale price by an agent.

The 854.4m² state-of-the-art home sold for R47 million including vat at R55 009 per m², which is superseded by only two other sales in the area; one on Glen Beach and another in Bakoven. A third property, the Enigma estate, was sold privately earlier this year for an undisclosed amount after being on the market for R99m.

Miller says: “Camps Bay remains popular despite the overall slowing in the economy and housing market as it offers investors a wide choice in properties with its 60/40 mix of freehold and sectional title homes.

“The suburb also has an advantage over its immediate neighbours in that most of the houses are set on sizeable stands.

“What is notable is that much of the recent activity in the market has been driven by younger investors under the age of 35,” adds Miller.

“This is in line with the marked increase in first time buyer activity in South Africa in recent years, particularly within commuting distance of cities, as the young professional demographic has expanded.”

Lew Geffen, Chairman of Lew Geffen Sotheby’s International Realty Property says: 

“Investment in Camps Bay has always been lucrative, which is borne out by the fact that properties across all price bands have recorded on average a healthy nominal percentage return on investment of 16% per annum over eight years.

“And five years ago only around 10% of all freehold house sales were above the R10m price mark, while almost 40% of recent sales fall into this price band.

“Over an eight year period between 2007 and the end of 2014, the R10m to R20m price band improved by a whopping 138% from with a total of 16 properties sold to the value of R211m compared to only seven homes to the value of R88.98m in 2007.”

Miller says that Camps Bay also has a dynamic rental market with both long-term rentals and short-term lets commanding some of the highest rates in the country.

“Long-term house rentals now range on average between R30 000 and R70 000 per month, while owners can command in excess of R30 000 per day for an upmarket villa.”

However, while Cape Town’s luxury housing market has been on the up for over a decade, high-end properties in the Mother City are still cheap by international comparison, according to a recent report by Wealth-x and Sotheby’s International Realty, “Europe, Middle-East and Africa Luxury Residential Real Estate 2015”.

The weak Rand continues to attract foreign investors to areas like the Atlantic Seaboard as comparative luxury properties in sought-after areas were at least twice as expensive, with some even up to nine times more expensive.

The report’s authors calculated their luxury real estate rankings by comparing the price per square foot of properties valued at more than $1 million (R12m) and Cape Town was found to have the lowest average price per square foot, and the lowest average listing price for such properties, making it an extremely affordable and attractive investment prospect for international investors.

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
    • 17 Nov 2017
      The EAAB (the Estate Agency Affairs Board) recently claimed that around 50,000 illegal estate agents could currently be operating illegally.
    • 16 Nov 2017
      Penthouses are synonymous with New York – characterised by high-rise living that is decidedly luxurious and spacious. While exclusivity comes at a price, you can still create a “penthouse” look and feel in your existing apartment or even the upstairs bedroom of a double storey house with some clever design changes and styling touches.
    • 16 Nov 2017
      The area has long been popular with kite surfers and, with escalating property prices in Cape Town itself, is increasingly in demand with home owners who work in town, but are looking to invest in more affordable properties.
    • 16 Nov 2017
      Cape Town’s popularity as a world-class tourist destination has resulted in a spike in the number of homes available for holiday lets and fuelled investor demand for sectional title units with short term rental potential.
    • 15 Nov 2017
      Sappi, one of South Africa’s oldest global companies and a leading global supplier of sustainable woodfibre products, has moved its global and regional headquarters to a new site on the corner of Oxford and 14th Avenue in Rosebank.
    • 15 Nov 2017
      There’s an old saying in real estate that you should seek to make a profit when you buy, not only when you sell – and a large part of succeeding at that endeavour is buying a home in an area with desirable features that will enhance the resale value of your property.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us