PROPERTY: R200m Sales in Six Months
Recent Western Cape Business News
Amid growing sentiment that the end of the slowdown may be in sight for the property market, Pam Golding Properties continues to report steady demand for quality homes at the top end of the market. This is nowhere more evident than on the Atlantic Seaboard, where cash buyers have continued to seek out their dream homes from a wider selection than they’ve had in years.
PGP’s Atlantic Prestige team concluded sales totalling more than R200 million in the months from April to September 2008. These included eight homes priced over R10 million, and ranged from luxury sea-view apartments in Clifton, Upper Fresnaye and The Water Club to large family homes in Bantry Bay and Camps Bay, as well as two Clifton beach bungalows. PGP’s MD for the Western Cape metro region, Laurie Wener, says the bulk of the buyers were South Africans seeking permanent homes in these areas – primarily for lifestyle reasons, but with the added benefit of proven consistent capital growth. “Many homes along the Atlantic Seaboard have increased in value by as much as 40 percent over the past five or six years,” says Wener, “and with little to no room left for new development, demand will generally outweigh supply. Both locals and foreigners recognise this as some of the most sought-after real estate in Africa, and it is common for homes to sell for upwards of R15 million.”
Adds Wener: “It is no secret that the property markets worldwide are generally in a bearish phase and that turnover has slowed considerably. However, for the first time in many years, buyers with cash are at a significant advantage, and given that they also have a wider selection of properties than usual with softer prices, they are finding this market very attractive. We find that the tougher trading conditions are also influencing the clients’ choice of company and agent - there is definitely a flight to quality, where clients feel confident that they will receive sound professional advice from experienced agents and managers.”
PGP’s area manager for the Atlantic Seaboard and City Bowl, Basil Moraitis, says his team delivers just such experience and professional service – and as a result, it continues to receive a wide range of mandates across all suburbs and types of properties. “PGP’s Atlantic Prestige team has some of the finest property along this coastline on its books,” he comments. “From studio apartments to large luxury homes, we can offer variety and quality to our buyers, whether they are seeking a family home, a secure lock-up-and-go townhouse, a luxury holiday pad or simply a good investment.”
Current highlights of PGP’s Atlantic Seaboard portfolio include a luxury ground-floor apartment in one of the area’s most prestigious buildings –The Bantry, situated right on the rocks above Bantry Bay. The enormous apartment, which measures 800sqm including terrace and parking space, offers spectacular sea views, and has its own private swimming pool. It is on the market at R64 million.
PGP is also marketing a unit in Clifton’s sought-after Villa Cap D’Afrique, priced at R16 million. The three-bedroomed unit offers spectacular views of the Twelve Apostles and the entire bay, and has two allocated parking bays.
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