Cape Town’s Clifton tops the SA price per square metre (at more than R40k/sqm)

News > news - 14 Jun 2005
The last six homes sold by Dogon/Group Properties in Cape Town’s plush Clifton suburb have achieved the highest rand per square metre prices ever attained in South Africa, according to Denise Dogon, the principal of the company.

Properties in Clifton, the company says in a press release, are now selling for between R40 000 and R50 000 per square metre, breaking residential records in the sought-after suburb.

Dogon, whose company claims a 75% share of the Clifton market in April and the lion’s share of top-priced sales, says these extraordinary prices are being achieved irrespective of whether the properties sold are plots, apartments, bungalows or houses.

Topping the list of sales in which record prices have been attained was a deal in which a bungalow of 450m² was sold for R23-million. This works out at R51 000 per square metre for the land and building.

Her company has also recently sold a flat of 218 square metres for R10,5-million, representing R48 000 per square metre. Another 195 square metre apartment was sold for R8,5-million, amounting to well over R40 000 per square metre.

Other recent examples were a 200 square metre bungalow sold for R8,95-million (R45 000 per square metre), and a 365 square metre bungalow sold for R14-million, nearly R40 000 per square metre. In addition, Dogon says her company has sold the only two properties in Clifton exceeding the R20-million mark.

Dogon says buyers are willing to pay top prices because of the exceptional beauty of the suburb, which offers views “among the most spectacular seen in any city in the world.”

She says sales in Clifton during the past year have been evenly balanced between local buyers, people from other parts of South Africa and foreign investors.

Eventide, an upmarket block situated right on the water’s edge at Clifton beach, is now coming on stream, and her company is currently marketing the last apartment at R14,5-million. She says the block is proving a good buy, as Clifton prices will continue to skyrocket because there is no more land available and properties are being upgraded with more and more expensive finishes.
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