Property Flash


There has been a surge in high-end sales and rentals on Cape Atlantic Seaboard, according to Pam Golding Properties as foreigners and people from elsewhere in the country are drawn to the stunning homes and impressive coastline.

January 16 2023

The Atlantic Seaboard is still enjoying visits from all kinds of tourists as we pass the middle of January and, landlords are managing to achieve mouthwatering rentals. Further, well-heeled South Africans and a smaller group of foreigners are buying homes in the area as they start 2023 off on a rather expensive and very exciting note.

In fact, sales worth a total R200m were concluded during December alone. Basil Moraitis, regional manager for Pam Golding Properties in the Western Cape, says the Atlantic Seaboard has bucked woeful economic trends as SA battles rolling blackouts, ailing infrastructure and severe unemployment. High-end sales of R20m upwards have been achieved.

“The lifestyle and natural scenic beauty of Cape Town, and in particular the prime Atlantic Seaboard coastal strip between Table Mountain and the Atlantic Ocean, resonates with home buyers around the country and globally,” he says.

Europeans are drawn to Cape Town to get away from their winters.

“The market post-Covid lockdowns has been driven mainly by primary home buyers and also international buyers looking for a place in the sun during the northern European winter months,” says Moraitis.

He says that as stock levels reduce, as they have currently, investors are returning to the market looking at hospitality products for the Airbnb market.

“In fact, we are currently experiencing some of the lowest levels of stock in the Western Cape in a decade. Notably, activity is brisk among high-end buyers of luxury homes in the price bracket north of R20m, with our recent sale of a sumptuous five-bedroom home in Bantry Bay achieving the full asking price of R75m from a German buyer acquiring his dream holiday home,” says Moraitis.

The home is a newly built, fully-furnished residence with spacious living areas, an elevated pool deck with panoramic views of the ocean and the Table Mountain Nature Reserve. It includes elevator access to all four levels, a media room, a gym, a sauna, a staff suite and multiple garaging and parking.

Moraitis says most international buyers mention that the value offered by seaboard properties is significant while the lifestyle on offer is extremely compelling, ranking among the best available elsewhere in the world. This segment of the market is also unaffected by interest rate hikes, and generally keen to diversify their investments while benefitting from living in properties with outstanding views, lifestyle and amenities, with globally acclaimed wine farms being easily accessible.

Commenting on the Camps Bay area, Moraitis says this residential property market has boomed, especially for up-country and foreign buyers who are pleasantly surprised by the value offered for prime property with views of both the Atlantic Ocean and the Twelve Apostles mountains.

“The Clifton bungalows are again very much in demand by upcountry buyers looking for a specific and unique lifestyle offering.  The entry level price for a bungalow is currently R20m for a knock-down. We have recently sold two such bungalows on Fourth Beach, both of which are to be demolished for new state of the art homes. Luxury top-end apartments also remain in demand across the entire Atlantic Seaboard and continue to be sought after by international buyers for ease of convenience and lock up and go lifestyles,” he says.

The holiday rental market in the Cape city has also performed well.

Arno de Wit, Pam Golding Properties rentals manager for the area said there was a boom in holiday rentals over the festive season as local and international visitors returned in their thousands.

Pam Golding highlighted some impressive rentals which were achieved in the Western Cape.

A seven-bedroom villa in Constantia was let at R30 000 per night for 17 nights while a four-bedroom house in Green Point was let at R135 000 per month for three-months. 

Then, a four-bedroom villa in Camps Bay was let at R25 000 per night for ten nights, and a smaller villa with four-bedrooms also in Camps Bay was let at R15 000 per night for 11 nights.

Finally, a three-bedroom house in Silvermist Estate in Hout Bay was let at R8000 per night for seven nights.

Among long term rentals, Pam Golding Properties recently let a five-bedroom home in upper Claremont in Cape Town’s southern suburbs for R170 000 per month, while the agency’s highest asking rental currently available is R290 000 per month for a ten bedroom home in Constantia.

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