Why the Atlantic Seaboard received a record breaking amount of property sales.
Gauteng and KZN-based property buyers in search of a rand currency hedge have been a key factor in Pam Golding Properties writing agreements of sale worth half a billion rands in the Atlantic Seaboard and the Cape Town City Bowl area during November and December. Of these transactions, over R400 million worth of sales have already been confirmed (all conditions met for the sale to proceed).
Pam Golding Properties Atlantic Seaboard area manager Basil Moraitis said the sales ranged across all price brackets and suburbs, from Camps Bay to the V&A Waterfront. The most affordable purchase was a one bedroom Sea Point apartment for R1,4million, while some prime properties changing hands included a Bakoven bungalow for R29 million and a four bedroom Clifton apartment for R36 million.
“Sentiment is being driven by buyers in search of property that will retain its value, and the Atlantic Seaboard is considered the recession-proof jewel in the crown of African property. Other factors underpinning demand include the recent slowdown in China’s economic growth, which is taking its toll on emerging markets; uncertainty about future service delivery in some municipalities; and the natural beauty, enviable lifestyle and fine educational institutions in the Western Cape.
“Stock levels are at historical lows and this is driving demand even more. When property comes on the market, buyers are paying the asking price.”
Moraitis said that while local interest had peaked during the recent holiday season, agents are currently fielding a fresh wave of enquiries from international visitors who traditionally arrive in the Western Cape from January. “These are mainly European buyers who cite the value they can get at current exchange rates, the excellent infrastructure and efficient services, as well as the desirable lifestyle.”