The opening of the beautiful new six-floor 5-star Silo Hotel last month, has received much acclaim and has set the tone for an exciting year for the V&A Waterfront Marina and Silo District. The Zeits Museum opening in September is hotly anticipated and will further boost the prestige of the area.
This excitement is reflected in the residential property market performance for the first quarter of this year with the Waterfront Marina, surpassing the ‘magic’ R100m/quarter mark and ending on a stellar R158 million, the highest since early 2015. According to Seeff’s Waterfront team, Lynn Pinn and Finella Botes, the average selling prices have also spiked by between 25% and 32% since last year.
According to the agents, the Canal apartments continued to see the highest demand, accounting for 80% and achieving an average selling rate of R93 387/sqm, 32% up on last year, 64% up since 2015 and three times (180%) as much as five years ago. The highest price reached a record R96 561/sqm in January.
Most sales were two-bedroomed units and in the R10m-R20m price band, save for a single three-bedroomed unit in Kylemore that sold for R19.5m.
The Front Yacht Basin (FYB) continues to rank with Clifton in terms of achieving the highest selling rates, reaching R117 500/sqm on average, 25% up on last year, 53% higher than 2015 and more than double (138% more) compared to five years ago. Mses Pinn and Botes note that the average selling price has reached a remarkable R26.8m with some 40% of all sales fall priced between R20m-R30m and a further 23% in the R30m-R40m price range.
The agents also note that the completion of the new Silo’s are eagerly awaited given that a sale in Silo 1 at the end of March reached a record R106 522/sqm and the average selling rate currently stands at R77 588/sqm.
Neighbouring Mouille Point is just as ‘hot’ still. While apartments on the perennially popular Beach Road strip have sold for R50 746-R82 677/sqm, The Waterclub reached record highs of R115 423-R127 481/sqm.
The agents expect the Waterfront, Silo and Mouille Point areas to continue to attract excellent interest with the location, amenities and facilities combined with the development taking place around the downtown area of Cape Town, all boding well for the future of property here.
Contact Seeff’s Waterfront team, Lynn Pinn (083 631 4890) and Finella Botes (082 600 9530), call 021 425 5970 or visit www.seeff.com.
Author: Seeff, 22 June 2017, News