The upmarket suburb of Frenaye continues to attract the right type of investors.Fresnaye’s choice position on the slopes of Lion’s Head and the fact that it is sheltered from the notorious south-easterly wind has made this suburb one of the Cape Town’s most desirable areas and as such has produced some of the countries’ most expensive real estate.The attraction, it seems, is irresistible to international buyers, and like many other exotic places, appeals to the jet-setters of this world. With breath-taking views of the Atlantic, Table Bay and Robben Island, there are a multitude of attractions that cater to those visiting these shores, including the well-known V&A Waterfront, which is a stone’s throw from the suburb.The area is known for attracting those who enjoy the finer things in life and appeals to investors from all around the world. The exclusive range of properties on offer has made it a buy-to-let investor’s dream and rental returns can prove to be an extremely lucrative exercise for those in the know. People want a slice of the lifestyle and those that cannot afford or do so outright are often willing to pay large rental amounts for the privilege.Considering the state of the economy, the beauty of Fresnaye appears to sell itself and continues to perform well. Lightstone statistics reveal that 68 sales have taken place in the area in the last 12 months; a total of 44 of the concluded sales carried a price tag higher than the R3m mark. The average price obtained for sectional title units was R2 169m and the freehold sector came in with an average price of R7 085m. The banking sector also seems to find value in the area, and the figures reflect that 65 new bonds have been approved over the last 12 month period for an average amount of R4 088m. The average prices obtained in the area have shown considerable growth in the past seven years. Statistics indicate that the average price of a freehold property sold in 2004 hovered around the R2 836m mark. Today, the average price paid for a home in the area is around R7 085m. Impressive by anyone’s standards, these figures prove that Fresnaye is a sound choice for high-end investors. A visit to Cape Town rates highly on the “to do” list in terms of places to visit in South Africa. Whether you enjoy visiting the numerous wine farms dotted around the Cape, taking part in major sporting events that include the Two Oceans Marathon or the Cape Argus Cycle Tour or relaxing at the Houtstock Music Festival, Cape Town literally has it all.The Soccer World Cup exposed our country to a large number of foreign visitors and in a recent survey by British Airways passengers listed Cape Town as their favourite destination. While Europe is still in the grip of the economic crisis, this will not last forever and it is highly likely that foreign investment will increase dramatically in this region in the future.
All That Glitters - Fresnaye
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