Buyers from Gauteng, Europe snapping up trophy homes in Cape Town

Buyers from Gauteng and Europe are snapping up trophy homes in Cape Town, according to Ross Levin, licensee at Seeff Atlantic Seaboard and City Bowl.

Analytics firm New World Wealth found the highest number of trophy homes – priced over R20 million – are located in Cape Town. About 160 such properties in the city have sold over the past two years.

About 80% of trophy home sales in Cape Town were along the Atlantic Seaboard, especially in Camps Bay, Clifton, Bantry Bay, Fresnaye and at the Waterfront.

The last eight sales of homes for more than R20 million along the Atlantic Seaboard went to buyers from Gauteng, according to Seeff.

International buyers are mainly from Germany, the UK, US, Switzerland, France and Austria – and even from Finland.

A German buyer bought an apartment in The Aurum in Bantry Bay for R72 million. At 398m² this meant the buyer was prepared to pay R180 905/m².

A Swiss buyer paid R22.6 million for an apartment in The Bantry, while an Austrian buyer paid R50 million for an apartment at the Waterfront and another German buyer paid R24 million for an apartment at The Waterclub in Granger Bay.

Axis Property recently sold an apartment in its 14 La Croix development in Fresnaye for R27.5 million. The buyer is a South African who has lived in the UK for some time. He wanted a “lock up and go” luxury apartment in Cape Town to suit his international lifestyle.

House sales included one in Camps Bay for R23 995 million to a US buyer and one for R23.9 million, also in Camps Bay, to a buyer from the UK.

“This is testimony to Cape Town’s growing international acclaim,” says Levin.

He expects the increase in direct international flights to Cape Town will further boost interest in property in the city. – bbc.com