Atlantic Seaboard properties net record sales in December

THE ATLANTIC Seaboard has recorded its busiest December on record, with property sales reaching R167 million during that month last year.

Pam Golding Properties says there is a keen interest from buyers in trophy properties at the upper end of this market.

“The top end of the market continues to perform exceptionally well,” says Basil Moraitis, the group’s area manager for the Atlantic Seaboard.

The market is “definitely not showing signs of slowing down”, agrees Annette Hepburn, PG area specialist and Clifton resident, who says most top-end buyers are local or from Gauteng.

Among the group’s significant sales last year was a Clifton bungalow at 66 Fourth Beach which sold for R80m within five days of being listed.

With greater stability in the political environment, Moraitis says buyers are feeling more optimistic about the economic outlook for 2018.

“This has certainly eased some of the buyer hesitancy evident towards the end of last year. The Atlantic Seaboard is a perennial hotspot for investors, having generated signifi- cant capital growth and rental income growth over the years.”

There has also been “considerable interest” in the Harbour Arch development, with 67% of the units already sold off- plan, say Pam Golding agents for Mouille Point and the V&A Waterfront.

Buyers are looking for the live- work- play lifestyle that this inclusive development will offer. As the 5.8-hectare mixeduse development is in a prime position at the entrance to the Waterfront and the city centre, it will provide the largest selection of residential apartments in the CBD, as well as land- scaped public spaces, shops, restaurants, international hotels, health clubs and office space.

The Atlantic Seaboard’s rental market has also been robust, with a one-bedroom flat in the Silo let for R22 000 a month. James Warne of Pam Golding Properties Sea Point Letting says two- bedroom apartments here are being let for between R30 000 and R40 000 a month.

“We are busier than expected for the start of the year,” says Warne, adding that correct pricing is instrumental in moving rental stock.