Africa’s Monte Carlo reels ’em in
Cape Town’s multimillion-rand trophy homes on the Atlantic seaboard are being snapped up by rich Nigerians, Angolans and Zimbabweans
Rich African business folk continue to fork out top dollar for luxury sea-facing properties in Cape Town, which they consider the Monte Carlo of Africa. Real estate agents agree that residents of oilrich Nigeria top the list when it comes to Africans investing in Atlantic seaboard homes with price tags of R20 million and more.
In April, a mystery buyer from the Nigerian commercial capital, Lagos, forked out R78.6 million for two double-volume apartments, which will be renovated to form one sprawling 450m² penthouse.
Parliamentarians and sports stars who frequent The Butcher Shop & Grill on the ground floor of the new bling Amalfi building in Mouille Point, Cape Town, probably don’t know that just seven floors above them both penthouses are being joined and renovated to the tune of a further R10 million.
As it is, the property features timber decks with swimming pools, space for a private gym, plant rooms and views of the mountain, ocean and Cape Town Stadium.
The glass-and-steel construction was designed by Fabian Architects, the company that worked on international casino magnate Sol Kerzner’s private Leeukoppie Estate near Hout Bay and his five-star One&Only hotel that flanks the V&A Waterfront.
Denise Dogon of Dogon Group Properties, the agency that sold the properties, declined to name the buyer, citing clientconfidentiality considerations.
“We’re talking Nigerian royalty with a London School of Economics background. A man with business interests around the world. He will spend another R10 million to join the two apartments to create one big penthouse and fix the place to his taste,” she said.
PropStats sale reports indicate that about 20 Cape Town trophy homes – mostly along the Atlantic seaboard, which stretches from the V&A Waterfront along the coast to Hout Bay – were sold to well-heeled Nigerian buyers over the past two years.
They include a R55 million penthouse at the One&Only sold by Seeff in 2013.
Ian Slot of Seeff said: “We first noticed an increase in African buyers on the Atlantic seaboard in about 2012.
“There’s been significant growth, especially the petro-rich countries like Nigeria and Angola. They buy high-value properties.”
As far as South Africa’s more direct neighbours in the Southern African Development Community region are concerned, there has also been an increase in buyers from Zimbabwe and Namibia, with a few R5 million-and-lower purchases by Mauritian residents.
Dogon said: “Buyers from Nigeria and other African countries love it here. They see Cape Town as the Monte Carlo of Africa.”
Slot added: “The rise in property investment is not surprising given South Africa’s role on the continent and an increase in visitors and business from Africa.”
The Cape Town International Convention Centre hosted the continent’s most powerful business players during the World Economic Forum on Africa 2015 this month.
HEAVEN IN GLASS AND STEEL
The multimillion-rand Amalfi building in Cape Town is home to Africa’s elite VIEWS FOR AFRICA The new owner of the two Amalfi apartments will enjoy views of the Green Point golf course, Cape Town Stadium and the city’s eco park, all on his doorstep
The pool deck of one of the penthouses