‘Brexit’ buyers boost luxury market

Camps Bay has become one of the Cape’s most desirable suburbs, but there are still affordable homes

IF YOU were still hoping to buy in a good location in Camps Bay for under R10 million, then you have for the time being missed the boat, according to Rochelle Serman and Lyn Pope, Seeff agents for the area.

They say it is now not just Clifton, Bantry Bay and Fresnaye that are attracting the multi-millionaires, but Camps Bay is catching up, and fast.

“The entry level price in the suburb is around R8.5m, about R2m up from last year’s R6.5m. In reality though, there is now very little to buy below R10m,” says Pope and Serman. recently had a British couple that flew out from the UK to view property with the objective of relocating here given the uncertainty around Brexit in the UK.

“We have also noted an uptick in web enquiries from expatriate buyers wanting to invest in the suburb with the view to perhaps returning at a later stage, whereas some are considering moving back soon.

“Although demand is still strong and prices are up, we would nonetheless caution sellers and buyers to be mindful of the current economic climate. Even though the local government election outcomes have been very positive and well received and the rand has strengthened considerably over the past month or so, we are still in a downward economic cycle.”

The market is coming out of a quieter winter period, but that is in line with the historic trends, say the agents. They expect a good pick up over the coming summer months.

“There are now only a few older properties on plots of 560m to 800m2 still available, priced between R8.5m and R9m. Vacant land though is rare and a 600m2 plot would cost about R7.9m.

“Buyers are still keen on the location, lifestyle and views and that is why they are now prepared to pay well into the upper millions here,” says Serman.

“Prices for luxury apartments for example now range to just under R22m plus VAT for a new unit with luxury finishes and spectacular mountain and sea views, and just under R30m for a four-bedroom house with first class finishes and spectacular sea views across Bali Bay and beyond.”

‘The strong