V&A Residential market showing signs of sustained recovery

In line with national trends, the residential property market at Cape Town’s V&A Waterfront has felt the pinch of global economic conditions - especially with the exit of a number of foreign buyers, who once made up a substantial portion of owners at the marina.  

However, Pam Golding Properties (PGP) reports that the property market is starting to show signs of a sustained recovery, with steady appetite for well-priced residential properties.  The secure, sophisticated lifestyle on offer, together with views of the yacht basin, mountains and ocean, ensure that the marina remains one of the most prestigious residential addresses in all of Cape Town.

PGP’s area manager for the Atlantic Seaboard and City Bowl, Basil Moraitis, says the sales volumes in 2012 have been encouraging.  “Granted, these volumes are down from the heyday of 2006 to 2008, when there were 50 to 60 sales a year,” he says. “But we have already seen more than 20 properties change hands this year (as at end October 2012; all agencies), to a total sales value of over R150 million.  And that is with the peak mid-summer season still ahead of us.  It seems reasonable to expect that the total value sold at the V&A this year will top R200 million, as it has done consistently for the past three years.”

The 2012 sales have been dominated by properties in the R5 million to R7 million price range, with PGP agents Lynn Pinn and Paul Levy achieving the top price of the year so far (across all agencies) – R15.6 million for an apartment in the Pembroke building. “This skilled team of agents knows the V&A inside out,” says Moraitis, “and has intimate knowledge of each and every building.  Their success speaks for itself – of the properties sold this year so far, they have concluded 12 of the deals, to a total value of over R81 million.  That’s more than four times the value concluded by any other agency operating in the area, for both unit sales and total value sold, and represents over 50 percent market share.”

Pinn and Levy says the bulk of buyers this year have been local investors, who see the Waterfront as a good vehicle for both short-term rental yields, and long-term capital growth.  

Moraitis adds that property here is also being viewed as a rand hedge due to its sustained appeal to the international market.  “The volume of international buyers may not be what it was,” he says, “but the area remains a favourite among international tenants, who appreciate its security, central location close to the Waterfront shopping precinct and Cape Town’s vibrant central city, and the easy access to the Atlantic Seaboard beaches and Cape Town International Convention Centre.  The V&A remains a highly sought-after address for top-end buyers and tenants alike, with a sophisticated, cosmopolitan ambience and a lifestyle unlike any other area of the city.”

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