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

CityPress - - News - BIÉNNE HUIS­MAN bi­enne.huis­man@city­

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.



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

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