How has the area changed over the past five years?
Where Sea Point was once a run-down area, it is today one of the most sought-after neighbourhoods not just in Cape Town, but in the country. It boasts a bustling high street with excellent retail facilities, restaurants and services and is home to a mix of freehold houses and apartments – the latter in particular sought after by a mix of residential, holiday and investment buyers. The suburb offers a fabulous seaside lifestyle with a palm-tree-lined promenade for leisure along with excellent facilities. There is generally very high demand for properties in the area combined with good capital growth, and new developments are highly sought after.
What attracts buyers to the area?
Sea Point is a vibey, cosmopolitan suburb. It’s a true melting pot of cultures, fashion and cuisine with trendy coffee shops and restaurants lining the pavements. Residents benefit from the holiday lifestyle and ambience, while enjoying the convenience of living close to the central city, with all its modern conveniences and amenities and places of work, as well as the popular beaches of Clifton and Camps Bay. The popular Sea Point promenade spans the length of Sea Point's beachfront from Bantry Bay to Mouille Point – a huge drawcard where local residents stroll or jog in the early morning or evenings, enjoying the scenic views and spectacular sunsets.
What types of properties are available and what can buyers expect to pay?
Over the past decade I have witnessed many different property trends and buying patterns in this fast-moving segment of the real estate market. However, the one constant is the steady growth of prices, highlighted over the past two years when there has been a vast demand for property. More significantly, capital growth has seen entry-level apartments in Sea Point rise to a staggering +/- R2m. A fairly generously sized two-bedroom apartment could cost anywhere from R3m to R4m, and sought-after beachfront properties are selling from approximately R40,000/m2 upwards. High prices or not, this seaside resort with city facilities will remain highly sought after and very investable.
Jane Jones: Sectional title property specialist, Dogon Property Group
This article originally appeared in Neighbourhood, Sunday Times.
Take a spectacular journey through Sea Point here: