Local property experts talk about life and property on the V&A Waterfront in Cape Town.
What types of properties are available and what can buyers expect to pay?
There are currently 805 residential apartments within the V&A Waterfront and more under construction. Of these, 259 are owned by the V&A and available for long-term rental only. The balance are sectional title units. Apartments in the V&A Marina resell from R7m for a one-bedroom, R12m for a two-bedroom, and R30m to R85m for penthouses, depending on whether the unit faces the canal or the yacht basin. No. 2 Silo, in our newly developed Silo District, offers 31 apartments, with the last resale of a two-bedroom apartment at R10,5m. No. 3 Silo is our latest residential offering, with 79 units under construction from two-bedroom apartments at R7,5m, to penthouses from R45m.
Wendy Viola: Residential manager, development, V&A Waterfront
Who is buying property in the Waterfront?
South African investors dominate the Waterfront residential market, with an increasing demand from buyers from other parts of South Africa. We are still seeing constant foreign buyer interest, but they are now the minority. There are a growing number of investment buyers as the Marina enjoys a strong short-term rental market with excellent rental returns. This is driven by the precinct’s proximity to the convention centre and the Cape Town CBD, and the convenient world-class facilities available in the Waterfront. Investors here tend to be more mature with 30% of recent buyers being between 36 and 49 years of age and 41% in the 50-64-year age group.
What attracts buyers to the Waterfront
The Cape Town V&A Waterfront Marina is one of the most successful and sought-after marinas in the world. It comprises around 500 apartments and offers a lifestyle of tranquillity, convenience, beauty and the highest security. Nestled between the Cape Grace and One&Only hotels, it is within walking distance of the Waterfront’s world-class shopping and entertainment mall, which attracts some 24m visitors annually. This estate is very well run and organised ensuring that everything is kept impeccable, from the gardens and walkways, to the canals, gym and common pools. Property prices have soared at the Waterfront over the past two years and continue to rise as the demand from buyers rises.
Natacha Neuburger: Property consultant, Dogon Group
This article originally appeared in Neighbourhood, Sunday Times.