Penthouse apartments are all the rage, thanks to their elevated position and incredible views. Unfortunately, buyers will once again need to spend big bucks if they’re looking to make their home in the sky. According to Seeff Property Group, penthouse apartments are currently selling for up to R45 million on the Atlantic Seaboard in Cape Town and R50 million in Umhlanga, Durban.
While penthouse apartments have always been a popular choice, high-value sales have consistently received the short end of the stick in terms of sales. However, the coronavirus pandemic seems to have reignited the buyer’s passion for penthouse living. Seeff chairman Samuel Seef states that this is all part of the pandemic trend where buyers find themselves seeking a better lifestyle that’s close to home. Additionally, buyers are once again looking to invest in a second home, not just for holiday purposes, but for remote working too.
The most expensive penthouse currently on the market is the 500sqm Eventide penthouse on Moses Beach in Clifton, with an exorbitant price tag of R120 million. While Clifton’s beautiful Atlantic views and white sandy beaches have always attracted buyers with heavy pockets, the V&A Waterfront appears to be a close second. Seeff states that they have recently clinched the sale of a penthouse on the canals for a whopping R45 million, with an additional double-volume penthouse in Parama on the front yacht basin on the market for R55 million.
According to Ross Levin, the managing director for Seeff Atlantic Seaboard and City Bowl, the V&A Waterfront Marina has the highest number of penthouses, with 21 in total.
Penthouses have always been labelled as “exclusive” due to their limited supply, with only a handful on the market. Along with breathtaking views, luxury penthouses have the added advantage of space, direct lift access, large windows, outdoor entertainment spaces, and sometimes, private access to swimming pools.