Big spenders back on Atlantic Seaboard

“There has been a spate of sales in the past two months at prices from R9m to R60m totalling more than R400m in Clifton, Fresnaye and Bantry Bay.” says Lew Geffen, chairman of Sotheby’s International Realty in SA, “and even properties that had been on the market for more than two years have now been sold.”

There are two reasons for this rise in interest, he says, with the first being the recent decline in the rand exchange rate that makes SA property more affordable for overseas buyers with euros or dollars to spend.

“And we are seeing quite a number of the high profile big-spenders who visited SA during the Soccer World Cup last year coming back now that the rand is over R7 to the dollar.”

The other reason, Geffen says, is that Cape Town has become the preferred city of residence for many Gauteng professionals and captains of industry, who are relocating their families here and commuting weekly for business.

“As a result we are seeing a steady increase in attendance at show-days and in the number of sales being concluded. Particularly popular are developments such as the mixed-used Mirage in De Waterkant, which is now almost sold out.

“This offers spectacular mountain and city views and a range of living options including studios, duplex lofts, two-bedroom apartments and penthouses. Prices range from R1,5m to R11m. (Seewww.mirage-capetown.co.za for more details.)

“Also selling well are Sea Point apartments, and we are very upbeat about the future of the Cape Town market because buyers in the middle and lower-income ranges gain confidence when upmarket buyers - and especially high net worth and ultra-high net worth individuals – start investing again.”
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