The Camps Bay property market is thriving, and a lesser known cove on the Atlantic Seaboard called Balie Bay recently fetched R44.46-million for a penthouse apartment – setting a new record for the priciest penthouse in Cape Town.

Seeff agents, Pola and Nadine Jocum, say the exclusive beach is located between Camps Bay and Bakoven and property sales over the past year has been a real boon for the Camps Bay market.

The penthouse in question overlooks Balie Bay, which derives its name from the Afrikaans word ”balie” because bales of nightsoil from Camps Bay properties were collected and dumped into the bay. The cove is also a win because it is sheltered from the South-Easter winds and has its own secluded turquoise beach, which can be spotted from the top of Table Mountain because of the intense colour.

Another apartment in the area, recently sold for R20-million to an English buyer who is currently renovating and upgrading the property.

According to the Jocum’s , around 15 properties have been sold in this area over the last year at an average rate of R85 914/sqm, making it one of the most sought after on the Atlantic coastline.

Prices achieved in Balie Bay range from R13.25m for a 203sqm apartment, to R44.46m noted above for the penthouse which is also the highest price achieved in the Camps Bay area over the last two years.

The older buildings along this stretch of Victoria Road and Camps Bay Drive have been demolished to make way for luxury residences, townhouses, apartments and plots.

The Seeff team also sold a property to an Italian purchaser who demolished the building on the site and recently completed a multi-level ultra-luxury home, regarded as one of the top end homes in Camps Bay with a value in the nine figure bracket.

A new development in Balie Bay is currently under construction and will be completed by 2019. This property boasts only two units and are priced at R36-million, the buyer also still has the opportunity to customise the finishes.

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