The COVID-19 pandemic has been a boon for the super-luxury housing markets worldwide according to a recent article on mansionglobal.com.
It shows that global luxury home markets achieved record transactions during 2021 as high-net-worth buyers reaffirmed their confidence in bricks and mortar, says Ross Levin, licensee for Seeff Atlantic Seaboard and City Bowl.
South Africa’s premier housing market, the Atlantic Seaboard and City Bowl mirrored that with a dramatic bounce-back last year, reaching some of the highest sales volumes in five years.
While the suburbs such as Camps Bay and Clifton have been the property golden child of the Mother City, the CBD has been buzzing with luxurious property developments ready to be snatched up by high-end property investors.
Tamboerskloof, Oranjezicht and Higgovale are attracting are at the top of the list with buyers investing millions in homes located in these upmarket areas.
These are some of the fastest-growing suburbs in the country. Propstats data shows that property transactions worth over R2 billion have been concluded over the last year. Around 20% of sales have been above the R5 million price mark.
The latest addition to the CBD is the glamorous Ridge Estate in Tamboerskloof, with 1000sqm vacant plots reaching prices over R16 million. Located on the slopes of majestic Lion’s Head, demand is not slowing down any time soon with nearly 50% of the development already sold out.
Not only has the estate attracted the highest values ever, but Levin says purchasers are showing massive confidence in the development, area and country and are constructing substantial houses, ensuring that this development is going to truly be a leading estate.
The Ridge Estate is set to further lift the top end super luxury price ceiling, he says. It is one of only three luxury housing estates available to buyers in the Atlantic Seaboard and City Bowl.
If you have the cash, you’ll be able to snag the benefits. According to Levin, getting in early has the advantage of tremendous growth likely to be associated with property in the estate, says Levin.
One of the key trends to emerge from the pandemic according to an article in financialexpress.com, is that luxury buyers now look for a healthy lifestyle and closeness to nature. No surprise considering the increase in lifestyle estates across the country.
So, just who has their eye on this luxury development?
The estate is reportedly attracting local and international buyers with a lot of interest from Johannesburg
As the luxury property boom continues in Cape Town, here’s to paying a little extra on our mortgage and seeing a few more GP number plates.
Also read:
Look! City Bowl estate breaks records as plots sell for R16.5 million each
Pictures: Supplied