Denise Dogon, CEO of Dogon Group reports, “There is a better quality of life in Cape Town, when compared to other cities. Cape Town is recognised as one of the most beautiful and desirable places to be. More recently, TripAdvisor, the respected and largest dotcom website for discerning travellers, awarded Cape Town the status of ‘Best City Destination in the World’, as voted by its international followers. When you consider the many aspects of beauty and culture, the quality of our restaurants and the value for money, it’s an easy decision to purchase here.”
Denise says that the demand for Cape Town properties has reached unprecedented levels, with investor confidence in the residential market rocketing. She announced that Dogon Group has outperformed its record sales in previous years with Atlantic Seaboard sales continuing to break records. The last six months have produced significant results, with Dogon Group experiencing huge demand from all sources, especially the Internet.
Rob Stefanutto, Managing Director of Dogon Group, has completely sold out the new Mirage development in De Waterkant. The R400-million development by the Nova Group, solely marketed by Dogon Group Properties, consists of 66 apartments, two levels of retail space and a 63-room, five-star hotel that is independently owned and managed by a European hotel group. The apartments range in size from one to three bedrooms and were priced between R1.8-million and R8.9-million. The Mirage’s penthouse was sold for R27-million.
Rob said that the new development represents a healthy barometer of Cape Town’s real-estate industry. “With the return of the investor, new developments are springing up all at once, many of which are sold out before they even reach the market. Because the market has been stagnant for a while, people are realising there is a shortage of stock and that they will never be able to buy at these prices again.”
Denise and her team, Adrien Epstein and Vicky Atlas, who specialise in luxury property have sold over R100-million-worth of homes in the last month. Denise added that Cape Town’s property boom is highlighted in sectional title sales, which have seen exceptional results within the Dogon Group – with the sale of an apartment every second day. Monthly rentals have increased from between R20 000 and R50 000 per month to approximately R50 000 to R100 000 per month for a three- to four-bedroomed family home. The demand for short-term holiday rentals is also on the increase in Cape Town; so much so that tourists are struggling to find accommodation for the summer season.
Denise added that while buyers are predominantly South African, they come from all corners of the world including African countries, Europe and the United States. Denise said that Cape Town property has become increasingly desirable to many South Africans who are looking to relocate. Dogon Group has sold over a billion-Rands-worth of residential property since the beginning of 2014.