‘Price growth among best in SA’

Weekend Argus (Saturday Edition) - - PROPERTY -

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.

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