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The residential property market in Cape Town’s renowned V&A Waterfront is increasingly buoyant, with sales registered for the first nine months of 2022 exceeding the total number sold for the whole of 2021.
Basil Moraitis, regional manager for Pam Golding Properties in the Western Cape, said: “Rather than being negatively impacted by Covid, the V&A Waterfront actually experienced an increase in residential property sales in 2020, with a continued strengthening in sales in 2021.”
In 2021, for the entire year, there were 30 sales across the Waterfront at a median price of R10 million, while this year to September, there have been 32 sales at a median selling price of R11.6 million, which represents an increase in median prices of 16%.
At R11.6 million, the median sales price for the year to date is the highest recorded since 2018, when a median selling price of R13.8 million was recorded.
“These sales are notable given that the V&A Waterfront is a highly seasonal market, with the winter months are usually quieter but with sales activity picking up considerably over the summer months, so we are anticipating increased activity for the remainder of the year, and during the warm summer months in early 2023,” said Moraitis.
“We anticipate that continued semigration to the Cape and a desire for secure accommodation will continue to support this market for both local and international buyers.”
A recent high-end sale by Pam Golding Properties was a 252sqm penthouse with exceptional views, situated in the Waterclub in Granger Bay, which was purchased for R39 million. This penthouse is certainly one of the best apartments at the Waterclub, with patios on three sides offering the finest of marina and Table Mountain views possible.
“Of interest is that over the past 12 months (Oct 2021-Sep 2022), there have been a total of 38 sales in the Waterfront, with those located within security estates (31 apartments) sold for a median price of R15.36 million, while the seven apartments outside security estates have registered a median price of R7.68 million,” said Moraitis.
Over the past five years (2017 to 2022), the median selling price (achieved) of sectional title apartments in the Waterfront appreciated in price by 23.7%, and 82.7% over the past 10 years. (Lightstone statistics).
The V&A residential marina remains a highly sought-after, secure precinct, with the unique lifestyle offering constantly in demand locally, nationally and internationally. Correct pricing, however, remains critical in this market as both South African and global buyers research the market thoroughly, ensuring they are well informed, said Pam Golding.
The majority of the buyers are local Capetonians followed by buyers from Johannesburg or Durban. Buyers from Europe continue to prefer the Waterfront and adjacent Waterclub, it said.
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