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Now is the time to snap up ‘bargains’ on the Atlantic Seaboard

12 Jul 2019

While the super-wealthy and foreign buyers have taken some time out from the swanky Atlantic Seaboard market, Cape Town locals are using the opportunity to snap up property in the lower price categories.

This upmarket lock-up and go apartment in Sea Point, Cape Town, has two bedrooms and bathrooms, and is on the market for R4.995 million - click here to view.

Ross Levin, managing director for Seeff Atlantic Seaboard, Waterfront and City Bowl, says there has been strong demand for property below R5 million, predominantly apartments, accelerating slightly over the last two months.

Almost R1 billion of this year’s sales for the Atlantic Seaboard and City Bowl fall under the R5 million price mark, and Levin says most of these deals have been concluded in well under three months.

This two bedroom, two bathroom apartment in Mouille Point, Cape Town, has been renovated and has views of Urban Park. It is on the market for R4.495 million - click here to view.

In contrast, sales above R15 million on the Atlantic Seaboard and R10 million in the City Bowl remain slow. Only 29 deals have been recorded above this level for the Atlantic Seaboard, with only 18 of those above R20 million. Just three of the top-end (R20 million-plus) sales were to foreign buyers, and only three of the highest prices paid have been by non-Cape buyers.

Sectional title sales are dominating the market, accounting for well over 75% of all units sold and over 55% of the value generated in the market this year.

This recently completed townhouse in Sea Point, Cape Town, has four bedrooms, three-and-a-half bathrooms, underfloor heating, a solar water heating system, one garage and two off-street parking bays. It is selling for R9.7 million - click here to view.

The highest prices achieved on the Atlantic Seaboard include R60 million for a house in Fresnaye, R58.5 million for an apartment in Bantry Bay and R45 million for a house in Clifton. Levin says this is nowhere near the levels of two to three years ago when sales of R100 million to R290 million were concluded.

At the Waterfront and Silo District, only five sales worth R53 million have been recorded for this year, all below R20 million, following the declining trend of the past 18 month, says Levin.

This two bedroom, one bathroom apartment in Mouille Point, Cape Town, is close to the beachfront and has open-plan living areas. It is on the market for R3.9 million - click here to view.

In the City Bowl, sectional title sales account for almost 80% of all units sold and 70% of the value generated. Over 70% of all full title house sales are below R10 million. Only one sale has been recorded above R20 million, being an apartment in Higgovale sold by Seeff for R22.5 million earlier this year.

The rentals market, though, continues to deliver excellent results, with Seeff agents Vivien Adler and Barbra-Ann Briner achieving rentals of R110 000 per month in Fresnaye and R170 000 per month for a house in Bantry Bay and listings of R185 000 per month for a luxury penthouse at the V&A Waterfront and R130 000 per month for a house in Fresnaye.

This bachelor’s flat in Green Point, Cape Town, has basement parking and beautiful views. It is being sold fully furnished for R1.95 million - click here to view.

“While down, business is being done on a daily basis. Regardless of the state of the economy, there is opportunity in every market, as demonstrated by the shift to the lower price bands,” says Levin.

This two bedroom, one bathroom apartment in Sea Point, Cape Town, has open-plan living areas, a balcony and garage. It is on the market for R3.7 million - click here to view.

“So, while frustrating for sellers, the upside is that buyers have plenty of choice and favourable buying conditions. There can be no better time to invest here than right now as you are essentially buying at last year’s prices, and when the market turns, you can look forward to excellent capital value growth as was well demonstrated during the 2014 to 2017 mini-boom period.”

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