select
|

Luxury Atlantic Seaboard property gives Monaco a run for its money

It might come at a hefty price tag, but prime property on the Atlantic Seaboard is still 10 times cheaper than anything offered in its European counterpart. 


Situated within walking distance of the beach and trendy Camps Bay Promenade, this brand-new contemporary villa is for sale through Chas Everitt International for R49m. Bordered by a natural stream, it offers six spacious bedrooms, all en-suite, air conditioning and under-floor heating throughout.

With its cascading hillside setting fronting an ocean strewn with luxury mega-yachts, its temperate Mediterranean climate, and its multimillion-rand mansions, it’s no surprise that Cape Town’s Atlantic Seaboard has been dubbed the “Monaco of the South”. 

And, like the small but exceedingly prosperous principality on the Côte d’Azur, where high-rollers and hedonists come to play, the stretch of land sandwiched between the glistening Atlantic and the slopes of Lion’s Head and the Twelve Apostles has a red-hot real estate market. 

“Demand is high, supply is scarce and property prices are off the charts,” says Rory O’Hagan, CEO of the Luxury Portfolio division of Chas Everitt International, a South African affiliate of Leading Real Estate Companies of the World© that is currently marketing the cream of the country’s homes to millions of high net worth individuals around the world.

He says the market for residential property on the Atlantic Seaboard, especially in the top-tier suburbs of Camps Bay, Clifton, Bantry Bay, Bakoven, Fresnaye and Llandudno, operates independently of the general market and is, by and large, unaffected by interest-rate fluctuations, political upheavals or a lack of consumer confidence.


Perched high up in wind-free Bantry Bay, this four-bedroom home is for sale through Chas Everitt International for R19,995m. Located on the slopes of Lion’s Head, it features a wraparound balcony, solar water heater, air-conditioning throughout, and an entertainment area with swimming pool.

“Its proximity to the CBD, not to mention the city’s best beaches, restaurants, shops and nightlife, certainly makes property on this stretch of the coastline the most desirable in the Cape – and highly aspirational for an increasing number of affluent buyers elsewhere in SA and the world.”

According to the latest figures from New World Wealth, the Atlantic Seaboard is home to half of the country’s 10 most expensive streets, including The Ridge, Cliff and Nettleton Roads in Clifton, where properties change hands at an average of R85 000 to R90 000/sqm; Kloof Road in Bantry Bay where the average selling price is R82 000/sqm and Victoria Road running from Clifton to Bantry Bay, where it is R77 000/sqm. 

Of the blue-chip suburbs on this coast, Camps Bay has proved to be the most dynamic, recording an average price growth of 50% in the past five years, says O’Hagan. Despite its famous “strip”, where the sun-kissed and fabulous jostle for bar stools at the likes of Café Caprice and Blues, the suburb is attractive to families, who are drawn to its larger homes set on good-sized stands.

“Over 60% of Camps Bay’s residents are stable owners between the ages of 35 and 65, and 46% of recent buyers are under the age of 50, many of them Gauteng semigrants who will stay on at least for the duration of their children’s schooling.” 

At an average price of R12m for a three-bedroom house, Camps Bay also offers great value compared to its neighbours, he says. “In Llandudno, the same size house will set you back in excess of R20m, while in Clifton, you’ll struggle to find a two-bedroom apartment for that price.


Set at the highest building line on Lion’s Head in Fresnaye, this multi-level home is for sale through Chas Everitt International for R39m. With five bedrooms and as many bathrooms, it boasts multiple recreational areas, a gourmet kitchen, a temperature-controlled wine cellar and a heated swimming pool.

“That said though, when it comes to luxury property, Atlantic Seaboard prices are still extremely attractive compared to those in other cities currently favoured by global property investors.” 

Indeed, according to Global Property Guide, while US$1m will currently buy you around 230sqm of prime property in the so-called “Monaco of the South”, the same sum will buy little more than a paltry 20sqm in the real tiny city-state situated on France’s southeastern coast.

“So it is not really surprising,” O’Hagan says, “that foreign investment has accounted for 17% of all residential sales in Bantry Bay, Camps Bay, Clifton and Fresnaye over the past five years – and a sizable 22% chunk of the total rand value achieved during this period. 

“However, the owners of the trophy homes in the area still predominantly South African locals – and over 60% of the top-end investors here are actually Capetonians.”


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 22 Feb 2018
      While every owner wants to sell their property at the best possible price, overpricing a home can be the kiss of death for a sale.
    • 21 Feb 2018
      Given the hand they were dealt, government has performed a delicate balancing act which it is hoped will serve to reignite confidence in investment in South Africa, regain our global credibility and satisfy the credit ratings agencies, says Dr Andrew Golding, chief executive of the Pam Golding Property group.
    • 21 Feb 2018
      The real estate mantra, ‘location, location, location’ remains a strong market influence regardless of the prevailing economy, with suburbs like Rondebosch enjoying the buffering benefit of being ideally situated.
    • 21 Feb 2018
      These days most buyers are using online property portals like Private Property when house hunting due to the convenience, up to date information and variety on offer. “The property portals have revolutionised the way buyers shop, but they do need to be cautious – viewing photos online is no replacement for viewing the property in person,” says Bruce Swain, CEO of Leapfrog Property Group.
    • 20 Feb 2018
      Owning a home is a milestone that most South Africans aspire to. Becoming a homeowner is a step towards growing personal wealth and owning an asset that appreciates in value over time, provided of course that the correct principles are applied during the buying stage of the process, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 20 Feb 2018
      The suburb of Greenstone in Johannesburg east came to be over the last two decades. “In the beginning, it was literally just a hill with not so much as a shopping centre,” says Michael Levy, Property Consultant at Jawitz Properties Bedfordview. Today it has plenty shopping facilities and is fully built, boasting high-density, upmarket housing and residential estates, though still has a few pockets poised for commercial development.
    • 20 Feb 2018
      A major shift in the ageing paradigm has precipitated an equally dramatic transformation in the retirement sector, with modern accommodation options worlds away from the conventional model.
    • 19 Feb 2018
      Possibly one of the biggest sources of contention between landlords and tenants surrounds the rental deposit. “Most tenants rely on getting their rental deposits back when moving, so that they can use it to pay a deposit on their new home. Having it withheld or even having large amounts deducted can lead to a lot of distress,” explains Bruce Swain, CEO of Leapfrog Property Group.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK