R53,8 million apartment sold in Cape Town
CAPE TOWN - With a record selling price of R53,8 million for an apartment in Bantry Bay, Cape Town beach apartments remain among the most desired property in the world.
Although the overall property market in the Cape has weakened this property class remains as a popular choice and if the sellers hit the right price ranges they can still get a superb sale according to agents from Seeff.
In 2017, the Cape Town apartment market generated R6 billion in value according to the Propstats and Lightstone data.
According to the data, more than half of the market value came from coastal suburbs, particularly the Atlantic Seaboard which made R830 million in super luxury R20 million plus apartment sales said Ian Slot, the Seeff MD for the area.
The top end sales are from areas like Clifton, Camps Bay, Bantry Bay, Mouille Point and the Waterfront. The sales for apartments are doing better than the sales for free held houses.
Apartment sales have reached R1,12 billion in value for this year to end May 2018, which is double the amount than that of free held houses said Slot.
Agents for the luxury sectional sector title have R125 million worth of apartments in the first quarter. Two of the units are based in Bantry Bay and are worth R53,8 million and R31 million respectively. The former apartment set the record for Bantry Bay in terms of price.
Previously the most expensive price for an apartment in the suburb was R42,5 million which was also sold by Seeff in 2014.
The two agents from the Mouille Point and Waterfront team have also had exceptional sales for the past 18 months despite the difficult conditions. They had sales of R159 million including an R41,5 million luxury beachfront apartment in the East-West development.
The Atlantic Seaboard complexes that attract the highest prices are mostly on the sea side of Victoria Road.
The prices of the apartments can range from R24 million (Two Oceans Baech) to R80 million (The Beaches).
Beach apartments that are found in areas like Bloubergrant, Wave's Edge, Grande Bay and Dolphin Beach can cost between R1,6 million and R2,6 million.
- BUSINESS REPORT ONLINE