Buyers are willing to pay a premium for living in this delightful area in the Cape Town Southern Suburbs.
There appears to be plenty for sellers to celebrate in Constantia as sales of high-end properties continue to improve.
Gerald Romanovsky, senior residential estate agent: Rawson Property Group’s Constantia franchise, says that nine decidedly upmarket properties have been sold at an average price of R18m over the past 18 months. He notes that the upswing is particularly evident in the Hohenhort or Ambassadorial belt, where three properties were sold for an average of R14,5m in the first six months of the year. “The average sales price achieved in the same period last year was very nearly half the figure achieved for this area.”
There are also clear indications that big-price sales are about to take place in the near future
According to Romanovsky the upward trend is continuing. “There are also clear indications that big-price sales are about to take place in the near future. I’m currently negotiating a R40m deal and I believe that another estate agency is about to sell a property off Southern Cross Drive for R50m.”
Interestingly, he notes that the upswing in sales has been accompanied by some significant trend changes. “Previously the fastest appreciating properties were always in Constantia’s well-known and decidedly upmarket security estates. This year, however, the trend is not nearly so marked and many of the top prices achieved have been for independent freestanding homes which are sited on their own plots,” he says.
Constantia has always attracted high-end buyers, but what is it about the area that appeals to well-heeled individuals? Says Arie Kade, agent: Pam Golding Properties Constantia, “Many of our high-end buyers enjoy the privacy of a large property in a country setting and to be able to either work from home or not at all. These clients don’t need to be close to city centres, though by world standards 20 minutes from Cape Town is considered close by. They look for the wow factor, from compact vineyards tucked away in the corner of a two-acre plot, producing 100 bottles a year and managed by a local winemaker, to state-of-the-art home cinemas and indoor pools. Views are top of the list of priorities for many high-end buyers: some of the properties in the area boast mountain, valley and False Bay views.”
This article originally appeared in Neighbourhood, Sunday Times