‘Price growth among best in SA’

WHAT estate agents say about Green Point:

Craig Robinson, at Jawitz Properties Atlantic seaboard, says from the start of the millennium, property prices began to rise, and the gap widened between areas, with the Atlantic Seaboard becoming one of the most desirable, and therefore more expensive.

“If you wanted to live on this side of the mountain, you needed to get in quickly, and people did,” he says. Sellers are now asking – and achieving – prices above R20 million in the freehold space.

Vangelis Doucas from RE/MAX agrees that Green Point has always been a preferred investment. He says a 100m2 two-bedroom apartment, which would have sold for R200 000 in 2000, now goes for more than R3.8m.

“Green Point still offers good value considering its proximity, lifestyle, choices and multinational feel and flair. The demand for property then was as high as today.”

Joburg clients wanting to move to Cape Town are increasingly looking to buy in Green Point.

Billy Rautenbach, of Seeff Atlantic Seaboard and City Bowl, says development in the area has greatly contributed to the regeneration and demand for property. “There is just so much to go around, so it is inevitable that values will grow,” he says.

She says properties sell within just 27 days on average and for about 4.6% below the asking prices with over two thirds achieving close to, or the full asking price.

“Price growth ranks among the best in the country. The full title average selling price stands at R6.3m, up by 58% (from R4m) since 2012, and the sectional title price at R4.1m, almost three times as much (167% more) as the R1.5m of five years ago,” says Rautenbach.

The Cape Quarter features boutique stores and restaurants.