Cape Town continues to weave its magic on buyers

The unspoiled beauty of Cape Town’s Atlantic Seaboard has continued to weave its magic on both foreign and locals through the peak summer season. This, despite the tougher trading conditions, which have seen the property market quieten in the wake of last year’s interest rate hikes and credit control legislation.

Pam Golding Properties has reported significant sales for the month of January, in the top end price ranges – especially in Upper Fresnaye, Upper Bantry Bay and Clifton.

PGP director and area manager for the Atlantic Seaboard, Laurie Wener, says whilst the overall market was somewhat quieter than the previous December/January season, her Atlantic Prestige team recorded an unusually high number of key sales to a mix of local, up-country and foreign buyers. These included an apartment at the Eventide complex in Clifton to a Dutch national for R20 million, while a local buyer purchased a home in Clifton Road for R15 million.

In Fresnaye, two international couples purchased a Top Road home for R15,75 million and a house on Avenue Disandt for R7,25 million respectively, while several other properties priced between R8,65 million and R16 million were sold to various Capetonians as well as Johannesburg residents commuting to Cape Town for business. Gauteng buyers were also active in Bantry Bay, with purchases including an apartment at The Bantry for R24 million, and a home in Arcadia Road for R7,4 million.

“These top-end sales exceeded all expectations for this period,” says Wener, “given the global economic conditions. However one has to acknowledge that buyers in this bracket tend to be less affected by interest rate hikes and the National Credit Act, as they are not dependent on mortgages.

Wener adds that the entry level for homes in the upper areas of Bantry Bay, Clifton and Fresnaye now stands at around R5 million, going up to a peak of around R60 million. Seaside apartments can be obtained from R6,5 million up to R50 million, while the niche market for beach bungalows on Clifton sees buyers paying from R14 million up to R40 million.
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