|The quiet residential enclave of Bantry Bay, wedged between Sea Point and Clifton on Cape Town's Atlantic Seaboard, has become the address of choice among discerning buyers in the Mother City.|
But the distinction does not come cheap notes Jenny Katz, area specialist for Chas Everitt International.
"The top price for property here was achieved in December last year when a luxury three-bedroom unit in the new The Bantry development in Victoria Road sold for R38,25m," she says.
And the cheapest Bantry Bay property currently on the agency's books is a 50sqm sectional title bachelor unit in Nottingham Court, which is on the market for R800 000.
Prices for full-title homes in the area start at just under R2m and Katz says homes in this bracket are typically two-bedroom cottages in the Chelsea area in need of renovation and with no parking.
But, she notes, in spite of the relatively high ratio of price to floor space, stock in all price ranges is in short supply. "Only units without parking take a while to sell - the rest find ready buyers irrespective of price."
Prices are currently showing steady annual growth of around 10 percent, but even if growth accelerates next year as expected, it will have little impact on the demand in Bantry Bay, she reckons. "People who buy here have the money to invest in a chic lifestyle and see it as a solid investment."
Two of the greatest selling points in Bantry Bay are the majestic views over the Atlantic, especially at night when the lights of Sea Point and Robben Island create a magnificent display, and the fact the area is sheltered from the south-easterly winds."