Cape Town’s upper end areas such as the Atlantic Seaboard and Constantia Upper currently offer an excellent selection of property listings and favourable conditions for buyers.
Ross Levin, managing director for Seeff Atlantic Seaboard and City Bowl says as a result of the continued weak demand at the upper price levels property stock has risen notably over the last year. At the same time price growth has softened, and after some reluctance, sellers are now willing to negotiate. This has created opportunities for buyers to find more affordability in the market which has not been the case for many years.
These areas have been the fastest growing overall during the 2012-2017 market uptick with prices in some areas practically doubling. Mr Levin says further that all markets go through cycles and the market will bounce back, and buyers should probably not wait too long.
Reasons to invest are compelling – it is the prime residential real estate belt in the country, capital value growth has been phenomenal during the property market upswing and the area attracts buyers from across the continent and globe. It is one area where SA's wealthy have invested heavily in. It is also an area which, despite the challenges, continues to attract significant investment value.
An important precursor for sellers though, is that buyers are very particular about the prices that they are prepared to pay, and they are generally looking for an irresistible price and a level of negotiability.
The Southern Suburbs’ top end areas such as Bishopscourt and Constantia Upper are reporting similar conditions with more stock to choose from. Janine Stevenson and Steven Holvec, Constantia Upper area specialists for Seeff highlight that Propstats sales data shows that the area is down by about 42% in total rand-value sales over the last year and that prices have remained flat making it a good time to invest.
Cape Town remains an excellent value proposition for a number of reasons:
- It is still the best run metro in the country and continues to garner international awards;
- It is arguably one of the top tourist cities on the continent and one of the most sought-after in the world and will continue to be in demand for property, attracting a broad spectrum of buyers, from locals to buyers migrating from other provinces and foreign buyers from just about every continent and well over 30 countries;
- It remains a top performing market, even under the challenging conditions and has delivered outstanding capital growth during the 2013-2017 market upswing; and
- The location is simply world-class, the views, the lifestyle, the fabulous climate - yet you can still buy a lot more for your Dollar, Pound or Euro in Cape Town.
Seeff rounds up five excellent buys:
Fresnaye, R75m – located in exclusive De Wet Road, this 712sqm mansion overlooks the ocean and offers magnificent double-volume living with contemporary finishes, six bedroom suites and more;
Fresnaye, R57m - elevated with views for days, the home offers dramatic design and opulence, five bedrooms and more;
Constantia, R69m – the spectacular Mintaka Estate which offers 25,000sqm (three title deeds, sub-divided erven), a large home, guest cottages, stunning landscaped grounds which include wooded enclaves, a Zen garden, a vineyard, a rose garden, an orchard, a kitchen garden, a vegetable patch, cascading ponds and a putting green;
Constantia, R35m – a spectacular architectural masterpiece on over 8000sqm located next to the iconic Groot Constantia vineyards;
Camps Bay, R24.9m – a 418sqm duplex unit with a penthouse floor pool deck, 4 bedroom suites, pool, jacuzzi, wine tasting room, staff accommodation and 3-car garage.
Visit www.seeff.com for more.
Constantia, R35m – a spectacular property, architectural masterpiece on over 8000sqm located next to the iconic Groot Constantia vineyards.