Atlantic Seaboard Properties Continue To Attract Demand
Category Property News
South Africa, Cape Town; Cape Town's Atlantic Seaboard has seen some renewed vigour recently, in the upper price range with buyers taking advantage of well-priced real estate - sometimes within mere days of listing.
One such example is a Clifton apartment which was sold fully furnished by DG Properties for R14 million just four days after it entered the market. This primely situated 110 square metre, one-bedroom luxury apartment enjoys an unrivalled location with direct access to Clifton Beach.
In addition to these Clifton sales, DG also recently concluded two notable deals in Bantry Bay. One for a magnificent three-bedroom, 435 square metre apartment in The Bantry, which sold for R58 million, as well as a three-bedroom home in Kloof Road in Bantry Bay which sold for R27 million - both of which boast magnificent ocean views.
DG Properties, says that it would appear that we have entered a new era of bolstered buyer confidence. "DG is experiencing an upswing of buyers for homes which offer good value and are priced correctly for this market."
Urban Developments Also See High Demand.
"Another area that has seen robust activity, and which we also anticipate ongoing demand for is new property developments," says DG Developments.
"Developments such as The Rubik and Foreshore Place in Cape Town's CBD, Strand Beach and The Estate in Sea Point, 1 On Albert in Woodstock, Castle Rock in Zonnebloem and The Chesterfield in Rondebosch are all experiencing high demand."
DG Developments explains that some of the reasons that new developments are so popular are that:
1) They incorporate the latest in design, features and trends and buyers can usually work with the developers to customise the unit/house.
2) The development industry is a barometer on the value of property per square metre as it is well regulated and banks only finance property based on very stringent costs to the developers - so developments provide a benchmark on the value of property and the cost of building.
3) Investing in property within new developments serves as a financial hedge as buyers can purchase off plan (paying only a deposit to start) but only have to pay the balance once the development is completed in months/years' time. In this period the investor makes a profit - before they even take ownership of the property because by the time the development is completed the price of property will have gone up.
4) Prices include VAT and therefore there is no added transfer duty.
5) Developments in urban areas are a good investment as they allow buyers to own property in central areas that have limited space left for developments - such as the Cape Town City Bowl or the Atlantic Seaboard - making these developments all that much more desirable.
DG Properties are no strangers to notable property deals and the group has enjoyed some record sales over the years - such as a R120 million sale in Clifton's Nettleton Road which came close on the heels of the R290 million sale of another Atlantic Seaboard property. Rentals too have seen DG making headlines when they secured a staggering single holiday rental of just under R1 million for four nights on the Atlantic Seaboard, as well as a short-term rental of R220 000 per month on a house in Bantry Bay, and an astonishing R450 000 per month lease on an estate in Constantia.
"After many sluggish months, we are very pleased to see buyers take advantage of levelled industry prices that see good value for money being offered," concludes DG.
Author: Market News & Cape (town) etc Magazine