Gautengers, foreigners snap up trophy homes on Cape Town’s pricey Atlantic seaboard

Despite the economic effects of Covid-19, Gautengers are purchasing trophy homes on Cape Town's Atlantic seaboard.

Ross Levin, Seeff Property Group licensee for the Atlantic seaboard and City Bowl, this week said 160 properties, valued above R20m, were sold in the past two years. “More than half of those sold in 2022, generating nearly R3bn in value, and there are still a few months to go,” said Levin.

“Eight of the last trophy home sales on the Atlantic seaboard were to buyers from Gauteng. There has also been a notable increase in international buyers from Germany, the UK, US, Switzerland, Finland, France and Austria.

“This is testimony to Cape Town’s growing international acclaim as a destination of choice for semigration and international buyers. The increase in direct flights to Cape Town will further boost interest in property in the city which is good for the local economy,” Levin said.

He added that Seeff had recently concluded another high-value sale of R72m in Bantry Bay.

Levin said 80% of the trophy home sales in Cape Town were on the Atlantic seaboard — in Camps Bay, Clifton, Bantry Bay, Fresnaye and at the Waterfront.

“Ten sales were also concluded in Oranjezicht and Higgovale in the City Bowl. In Tamboerskloof, Seeff sold eight high-value properties in The Ridge Estate, which have reached record prices of more than R16m for vacant land.

“Homes valued at more than R50m are under construction,” said Levin, adding, “Trophy homes valued at more than R20m have also sold like hot cakes in Constantia and Bishopscourt.”

According to Francois Venter, luxury market specialist for Seeff southern suburbs, the market for luxury homes across the “uppers” areas remains active. In Constantia, 35 homes valued at more than R20m have sold since the start of last year, while Bishopscourt clocked up eight high-value sales priced above R20m.”

According to Levin,  the Cape Town market is set to heat up further during the busy summer period when international and semigration buyer enquiries tend to pick up. He also expects the Cape Town market should be able to withstand the economic pressures a better compared to the rest of the country.

“Apart from the R72m sale for an apartment in Bantry Bay to a German buyer, other sales concluded by Seeff on the Atlantic seaboard include a unit in the Bantry for R22.6m to a Swiss buyer in a joint sale. Also, a high-value apartment was sold for R50m at the Waterfront to an Austrian buyer, a unit at The Waterclub in Granger Bay for R24m to a German buyer and a unit in Aquarius, mouillé Point, sold for R21,7m to a local cash buyer in a joint sale,” he said.

“House sales include two in Camps Bay for R23,995m and R23,9m to buyers from the US and UK respectively, as well as two sales in Fresnaye for R43.5m and R23m, both to Cape buyers. Seeff also concluded three trophy home sales in Constantia for R30.75m, R26m and R39m and a sale of R39m in Bishopscourt, all to Cape buyers.”

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