Living it up in the CBD

THE WESTERN Cape’s residential property sector is booming, with demand outstripping supply – especially in the City Bowl and Atlantic Seaboard areas.

Samuel Seeff, chairman of Seeff Properties, said for the second consecutive year, the Cape metropolitan property market exceeded that of Joburg in transaction volume and value, as demand outweighed supply.

“With around 11 487 property transactions worth about R20 billion, it generated over 40 percent more value than the Joburg metro’s just under R13.7bn (11 307 transactions).”

He said the average price of sectional title property was now at around R1.5 million, significantly more than the R800000 for the Joburg metro while freehold prop- erty sold for around R1.8m on average, about 20 percent more than Joburg’s R1.5m.

Basil Moraitis, area manager for Pam Golding Properties Atlantic Seaboard, said the area has over the past two decades claimed its place as one of the most desirable destinations on the planet, and is becoming Africa’s alternative to San Tropez.

He said it is no surprise the number of trophy properties sold, worth over R20m, in the last year number 48.

Carola Koblitz, spokeswoman for the Cape Town Central Improvement District and co-author of the State of Cape Town Central Report 2014 – a year in review, said the demand in the CBD had changed from a buyer’s market three years ago, to a seller’s market today, with well-priced units by the end of last year spending an average of 26 days on the market.

She said the average sales price sat at R1.5m during 2013 for an average-sized unit of 82.73m2 and last year prices ranged from R475000 for a 34m2 studio unit at Sen- ator Park, Long Street, to a three bedroom 315m2 unit sold for R9m at 15 on Orange.

Lew Geffen, chairman of Lew Geffen Sotheby’s International Realty, said the Atlantic Seaboard, CBD, Foreshore and De Waterkant have never been more popular andthe firm had a crisis on its hands in finding enough stock to service the demand.

“This is particularly problematic at the lower end of the market, properties under R1.5m are so rare nowadays as to be almost impossible to find.”