By international standards, Cape Town’s vibrant V&A Waterfront, with its spectacular natural beauty and world-class amenities such as restaurants and leisure activities, together with nearby areas such as Mouille Point, offer accessibly priced residential property close to the water’s edge which represents exceptional value for money, says Mariël Burger, Pam Golding Properties area specialist for the Waterfront and Mouille Point.
Says Burger: “Offering estate living, close to the world-renowned V&A Waterfront, apartments in The Marina are highly sought after. With the current historic low interest rate, these well-priced apartments are well within reach. We have seen that areas which offer competitively priced properties and an appealing lifestyle, remain resilient. In fact, December (2020) saw a record number of transactions along the Atlantic Seaboard, including the Waterfront area.” He adds that many sold close to listing price, suggesting that the demand for appropriately, market-related priced real estate remains strong.
A two-bedroom apartment in The Marina recently sold for R8 million - an excellent price considering that this prime-located, secure precinct affords residents access to gym facilities and swimming pools. Pam Golding Properties has just listed a garden apartment, also in The Marina, with views of the canal, for R7.75 million. A Mouille Point apartment, listed for R7.5 million through Pam Golding Properties, offers open-plan living with spectacular sea views. Burger says: “It's not often that we list a well-positioned, well priced and spacious apartment such as this so here is an opportunity to add value and enjoy the lifestyle that Mouille Point – ideally positioned within easy walking distance of the V&A Waterfront, has to offer.”
Meanwhile, a comparable two-bedroom unit in San Francisco’s Marina District is selling for approximately $1.28 million (the current equivalent of approximately R19.275 million), while a two-bedroom apartment in Monte Marina in Monte Carlo will set you back €7 600 000 (current equivalent of an eye-watering approximately R138.133 million). Recognised as one of the world’s most popular, scenic destinations, Cape Town’s appeal is further enhanced by the fact that many internationally acclaimed architects have contributed to its unique offering of luxury homes, which match the highest standards on the planet – many with exceptional views of ocean and/or mountains, and some with a west orientation which provides some of the most memorable sunsets in the world.
Adds Burger: “In recent months we have seen strong enquiries from local, upcountry and foreign buyers looking to invest in secure living on the water, around The Waterfront and Promenade areas. The lower end, up to around R8 million, comprises mainly value-driven investors taking advantage of the weak rand and lower property prices. The larger two and three-bedroom apartments in the higher price ranges up to R15 million and upwards, are often a primary residential purchase - a home to live in, often those moving from a large freestanding home with gardens and security issues to a convenient lock up and go lifestyle. Others are seeking property here to enable them to upscale in size and work from home.
Burger and his partner, Bridget Shiffer, both award-winning agents with expert knowledge of luxury sectional title property market in the Waterfront and on the Mouille Point ‘Mile’, agree that the allure of a coastal lifestyle is proving to be a strong driver of sales in these areas.
“Coastal properties are also a sound investment,” adds Shiffer. “According to Lightstone data, the price premium between coastal properties - within 500 metres of the sea - and their non-coastal counterparts continues to widen, averaging at 3.15% compared to 2.59% for non-coastal for the period from January to October 2020.” Buyers are certainly willing to pay more for the lifestyle they desire, they add.
