Local estate agents describe the property market and lifestyle on Green Point in Cape Town.
What attracts buyers to the area?
Green Point has a unique village vibe with fabulous amenities including Somerset Road packed with trendy street-side spots, shopping and more. It is within walking distance of the V&A Waterfront, and close to the CBD and main arterials. The Sea Point promenade, and Camps Bay and Clifton Blue Flag-rated beaches are on the doorstep, as is the greenbelt and the wonderful Urban Park that even offers an outdoor gym. Living in the area certainly promotes healthy living. The suburb has been transformed with all the new developments around the entire area including neighbouring De Waterkant. Green Point is now one of the most popular urban residential neighbourhoods.
What people can expect to pay for property in the area?
Gone are the days when Green Point was one of Cape Town's suburbs where properties below R1m could be acquired. Lately buyers have to cough up from R1m to R1,7m to enter this property market, which still only gets them a bachelor apartment (parking or garaging not guaranteed) between 35m2 and 49m2. For a bigger apartment with a second bedroom and bathroom and secure parking, be prepared to pay anything between R3,3m and R4m. New developments achieve higher rand/m2 prices. The entry level for full title cottages, mostly semi-detached from 80m2, is around R3m, whereas freestanding and multilevel luxury homes in Upper Green Point range between R10m and R15m.
Who is buying property in the area and what types of properties are available?
The increasingly popular seafront suburb offers a choice of properties including sectional title, commercial and freehold. Homes vary from apartment living to single- and double-storey semi-detached cottages, to characterful freestanding homes. These older homes are being snapped up by local and out-of-town developers and then either subdivided or sectionalised and renovated for living or resale. I meet buyers daily who are upscaling or downscaling. Increasingly, they are semigrating to Cape Town from other parts of the country, attracted by the wonderful lifestyle. Mostly from Johannesburg, some new Green Point residents still commute from Cape Town for business and enjoy seafront living over weekends and holidays.
This article originally appeared in Neighbourhood, Sunday Times.