Cape Town's Atlantic Seaboard and City Bowl Dominating in Luxury Sales
Category News
The Mother City is taking luxury sales to a whole new level - dominating the market with 8 out of the top 10 suburbs that attracted affluent buyers, spending over R20 million on properties.
Furthermore, according to recent reports, the property market in Cape Town's Atlantic Seaboard and City Bowl is seeing a significant increase in sales of high-end properties.
Included in the top suburbs in the country, dominating the luxury market with sales above R20 million are:
Camps Bay and Bakoven, with the highest price paid of R55 million (Oudekraal Rd)
Fresnaye, with the highest price paid of R54 million (Protea Ave)
Waterfront and Mouille Point with the highest price paid of R50 million (Pinmore)
Llandudno, with the highest price paid of R50 million (Bosman Ave)
Bantry Bay, with the highest price paid of a whopping R127 million (Kloof Rd)
Clifton, with the highest price paid of R47 million (Clifton Terraces)
According to Samuel Seeff, chairman of the Seeff Property Group, the trend of affluent high-net-worth buyers (HNWIs) spending over USD 1 million on properties in Cape Town is continuing to strengthen. This is in contrast to the average spend of less than half that amount in the wealthy suburbs of Sandton and Johannesburg.
Data on transactions above R5 million shows that almost 70% of them took place in the Cape Town metro (2,354 transactions), compared to less than half (1,046 transactions) across Sandton and Johannesburg.
Transactions above R10 million saw 77% taking place in Cape Town (546 transactions) and just 160 in Johannesburg/Sandton.
In transactions above R20 million (approximately USD 1 million), a noteworthy 84% of all sales were concluded in the Cape, mainly across the Atlantic Seaboard, City Bowl.
It's clear that Cape Town's property market is attracting wealthy buyers who are willing to pay top dollar for luxury properties with breathtaking views and prime locations. Meanwhile, Sandton and Johannesburg may struggle to compete with the Mother City's allure for these buyers.
But what's driving this demand for super-luxury properties? Is it the stunning views of Table Mountain? The sound of the waves crashing against the shoreline? Or is it the thought of living in the same neighbourhood as Sir Elton John? (Yes, he has a home in Cape Town).
Whatever the reason, it's clear that Cape Town's property market is the place to be for anyone looking to live the high life. And who wouldn't want to? Imagine waking up every morning to a panoramic view of the ocean, sipping champagne in your infinity pool, and watching the sunset over the city skyline.
It's not just about the size and opulence of these properties. It's about the location. Living in Cape Town's Atlantic Seaboard and City Bowl means you're right in the heart of the action. You're close to all the best restaurants, bars, and shops, and you're never too far away from the beach.
If you are interested in a luxury property along the Atlantic Seaboard and City Bowl, why not reach out to the experts in the areas? See our Agent Profiles to find the area and expert that suits your needs.
Author: Seeff Atlantic Seaboard & City Bowl
