select
|

High demand for V&A Waterfront homes

Cape Town’s V&A Waterfront has long been the address of choice for trendy professionals, international visitors and business people requiring a secure pied-à-terre in the city. There are currently  515 residential units on offer in the precinct, and Pam Golding Properties (PGP) reports that demand for both sales and rentals has surged in the past 16 months. (January 2013 to end April 2014)


Pam Golding Properties has the exclusive mandate to market this three-bedroomed apartment at the V&A Waterfront, priced at R22 million. Located in the sought-after Palgrave building, the 323sqm apartment has top finishes including marble walls and a pristine Miele kitchen. A wrap-around patio offers unobstructed views of the marina, canals and One&Only hotel.

PGP’s area manager for the Atlantic Seaboard and City Bowl, Basil Moraitis, says sales figures for 2013 indicate that 69 apartments, valued at R447 million, changed hands at the Waterfront– that’s more than double the number of units sold in each of the four previous years. The sales ranged from one-bedroomed apartments at R3.9 million, to two-bedroomed apartments from R5 million to R15 million, and penthouses sold for in excess of R50 million. (source – Lightstone, sales by all agencies)

“These figures represent a significant market recovery after a period of several years of very muted sales activity in this market,” says Moraitis. “The sustained demand has also resulted in a significant reduction in available stock. After several years in which we saw around 80 units offered for sale each year, that figure has now plummeted to the point where there are fewer than 20 apartments currently on the market. There is no doubt that sentiment has shifted markedly upward, and that this in turn is fuelling demand.”

Moraitis notes that it is not only the residential component of the V&A Waterfront which is enjoying this tangible sense of positive sentiment. “The owners of the Waterfront, Growthpoint and the Public Investment Corporation, have committed major sums to development and new infrastructure within the complex,” he says, “and the area is simply humming with activity. Recently completed projects include the new office and residential buildings in the Silo precinct, as well as the new flagship 6000sqm Pick n Pay store within the main mall area. We also heard recently that world-renowned designer Thomas Heatherwick plans to remodel the old grain silo into a magnificent new contemporary African art gallery, which is sure to become a major tourist attraction for the Waterfront.”

Other projects under construction include the I&J Gatehouse, additional parking and underground links between the various parking garages, as well as the refurbishment of Granger Bay Court and building of additional residential units for rental purposes, in the Portswood section. The Red Shed and Blue Shed markets, Two Oceans Aquarium and SA Rugby Museum are also undergoing expansion and refurbishment.

Moraitis says there has recently been a significant increase in the number of tourists and visitors occupying the residential apartments at the V&A Waterfront on both short-term and long-term leases. “There is no doubt that the area has become very desirable and sought-after by international business travellers looking for a convenient and safe place to stay that is close to the Central City, yet still offers convenient access to entertainment facilities and restaurants,” he says. “The result is that rental returns have escalated considerably, and one can now expect to pay up to R50 000 per month for one of the larger three-bedroomed apartments in a prime marina setting.”

Purchase prices at the V&A Waterfront currently range from around R4.5 million for a one-bedroomed apartment, from R7.5 million to R15 million for a two-bedroomed unit, and up to R25 million for a spacious three-bedroomed penthouse.

“There is no doubt that Cape Town’s growing positive international exposure, through events such as World Design Capital and the New Seven Wonders of Nature, has contributed to this growth in positive sentiment and demand for the V&A precinct in general,” Moraitis concludes. “The strong demand coupled with limited availability of stock is likely to maintain the upward pressure on prices for the foreseeable future, and we anticipate that the ongoing development within the area will only cement its status as one of the most desirable addresses in South Africa.”

Find more properties in and around the V&A Waterfront


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 24 Jul 2017
      Of the various disputes dealt with in sectional title schemes, it could possibly be said that those involving pets is high, and it possibly for this reason that the rules dealing with pets is at the top of the list in the Sectional Title Schemes Management Act, says Michael Bauer, general manager of property management company IHFM.
    • 24 Jul 2017
      According to BetterBond, home loan applications from first-time buyers continue to increase but their success is dependent on how financially disciplined they are.
    • 24 Jul 2017
      If you are selling your property you should know it doesn’t just involve a property agent, a moving company and maybe a storage facility - there are a few other costs you should prepare for. We take a closer look at the unexpected costs.
    • 24 Jul 2017
      Marriage is an undeniably life-changing event, and not just in the emotional sense – it alters the way we manage things like finances and property ownership too. The contractual side of tying the knot may not be particularly romantic, but it can have far-reaching effects on your future, and should definitely be a part of your discussions before you say “I do”.
    • 21 Jul 2017
      Luxury homes in Clifton with big price tags aren't a surprise - but a parking bay which went on the market this week has raised eyebrows for its eye-watering sale price of R990 000.
    • 21 Jul 2017
      In a town brimming with luxury real estate, it’s not easy to find one property that stands out from the rest, but the Villa Agusta in Plettenberg Bay really is in a class of its own.
    • 21 Jul 2017
      As parents, we all want the best for our children, and that means helping them make responsible life choices and plan for a secure future. One of the easiest ways to do this is to encourage sound, long term investments like property, but getting a foot onto that ladder can be daunting when you’re just starting out in the adult world.
    • 21 Jul 2017
      While the Reserve Bank had said it had come to an end of its hiking cycle, few would have predicted a cut in the rates this year. In fact, a cutting cycle was only expected in 2018 However, South African Reserve Bank governor Lesetja Kganyago, announced yesterday that the interest rate would decrease by 25 basis points, bringing the repo rate down to 6.75% and the prime rate down to 10.25%.
        
    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