Atlantic Seaboard Properties Still A Good Catch
News > news - 17 Jul 2007
Owning a property on the coast is a dream to which many aspire. Coastal living offers a healthy alternative to the rat race endured by the citizens of South Africa’s landlocked cities. Martin Goodman, licensee of Fine & Country Atlantic Seaboard explains what it takes to make a coastal dream home come true.

 

In high demand

Fine & Country have been operating on the Atlantic Seaboard for six months and according to Goodman the demand for properties in the area not only remains strong but is increasing steadily.

 

Prices and volumes vary according to each area but overall, the value of coastal properties is escalating. “Generally speaking, a buyer can expect a good return on property bought on the Atlantic Seaboard. Indeed, very few, if any areas on the seaboard are going backwards,” notes Goodman.

 

He provided a case in point: A Waterfront apartment purchased a year ago went for R11 million. Last month it sold for R18 million. The sellers made a R7 million profit in just over 12 months’.

 

The areas of Tableview, Milnerton, Bloubosstrand and Melkbosstrand have also experienced huge interest.

 

Cloud nine on a budget

Although shelling out millions is a pittance for some foreigners and local bigwigs, that kind of money is sheer moonshine for the majority of buyers.  But don’t despair. You don’t have to be staggeringly wealthy to enjoy your own little piece of seaside heaven.

 

For example, bachelor apartments in Green Point sell for about R500 000. In Three Anchor Bay, you can still find a ‘cool’ pad for as little as R565 000. R790 000 will also buy you bachelor style lodgings in Fresnaye and a three bedroom house at Sea Point can be had for R2 million.

 

Just remember, for those of you who have a more ‘realistic’ budget, rather buy smaller in a better area, than larger in a less important one.

 

Bottom’s up

According to Goodman, the entry level market has experienced dramatic growth in recent months.  For example, an entry level apartment last year could have been purchased for R400 000. This year, that same apartment sells for R500 000. 

 

However, prices per square meter in apartment re-sales are stabilising and range between R14 000/m2 and R21 000/m2. But buyers are becoming pickier. This pickiness hasn’t curtailed sales though. Major activity is being experienced in Green Point and Mouille Point even though winter is traditionally a quiet selling time on the coast.  

 

The multi-use sports, residential, shopping and entertainment zones which have exploded around Green Point have also contributed to higher asking prices. 

 

Score!

Foreigners are continuing to snap up sunny coastal residences which, to a large extent, will drive the asking price of many properties. Another reason for the popularity, apart from the scenery and relaxed ambience, is the convenience. People love the lock-up-and-go aspect of owning an apartment or penthouse on the coast.

 

The Soccer World Cup will also continue to positively affect property prices on the coast, particularly at Green Point.  Says Goodman: “The Soccer World Cup will expose Cape Town to the world like never before. As such we anticipate a fairly dramatic increase in property prices in these zones in the near future.”

 

Overall it is safe to say that coastal properties will continue to remain a good investment for some time to come.

 

Caption:

This three-bedroom V&A Waterfront Marina Penthouse is being marketed by Fine & Country Atlantic Seaboard for R27million. Beautifully furnished, it has floor coverage of 510m2 and features top quality finishes including a heated pool on the terrace.

For more information contact Nafeesa Mohamed on 076 114 8159
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