A number of recently-sold properties in Cape Town have broken selling price records, pushing price ceilings further than ever before.
A luxury penthouse in Higgovale sold for R22.5-million after being on the market for just six weeks. The property went to a local who will be using it for residential purposes.
The unit achieved a selling rate of R77.586 per square metre and is one of just three apartments that sold for more than R20-million this year, the other apartments being located at 15 on Orange and Bantry Bay.
The 290 square-metre unit at 15 on Orange is situated in a small, exclusive block of only four units. It offers all the space and features of a house including a private, tropical garden, deck and swimming pool, along with security and the convenitent lock-up-and-go lifestyle of an executive penthouse apartment. It has stunning views and comes with three bedroom suites, a designer Italian kitchen and bespoke finishes throughout.
Penthouses are quite rare and usually fetch significantly higher prices. Being at the top of the building, they also offer a set of unique benefits not always enjoyed by other apartments. These include having expansive outdoor areas and views, direct lift access, no neighbours, and so on.
On the Atlantic Seaboard a R80-million Bantry Bay apartment achieved a new record for the highest selling price fetched by an apartment in South Africa over the last year.
Overall, it was a slow year for the super luxury market, with only three sales topping the R50-million price mark, but sectional title property still seemed to find buyers. While the bulk of apartment sales were still below R8-million, it is noteworthy that buyers are still prepared to invest in high-value property in Cape Town.
The top suburbs for luxury apartments include Clifton and Bantry Bay for the complexes located on the sea side of Victoria Road, mostly offering luxury living spaces and top-class privacy and security. Camps Bay is another popular area for its stunning sea views. The V&A Waterfront Marina offers a wide range of luxury apartments overlooking the canals and yacht bay, while nearby Mouille Point is increasingly sought after by luxury apartment buyers willing to pay in the upper millions for the stunning waterfront views.
The highest prices apartments on the Atlantic Seaboard have sold for over the last five years, as recorded by Propstats, include:
Clifton – R80-million (The Beaches, sold in 2017), R78-million (Eventide, sold in 2016)
Bantry Bay – R80-million (The Bantry, sold in 2018)
V&A Waterfront – R43-million (Parergon, sold in 2015)
Camps Bay – R44.46-million (penthouse, sold in 2017 )
Mouille Point – R40-million (East West, sold in 2018), R78m (Amalfi, sold in 2015)