SOCIAL AND SUBLIME

Developments and renovations have pushed house price growth in Green Point, where potential buyers may decide on choices from apartments to freehold homes on larger stands

GREEN POINT is a vibrant urban area bursting with shops, restaurants, delis and bars, yet touching cheeks with open-air destinations such as its promenade running alongside the Atlantic Ocean and the ubiquitous park – a little piece of paradise.

Within walking distance of the CBD and V&A Waterfront, properties range from quaint Victorianstyled cottages to modern apartments and, in the Upper Green Point area, larger properties boasting panoramic views.

It is a popular residential area for young professionals and has seen several apartment developments, say sectional title agents for Seeff Atlantic Seaboard, Bryan Ginsburg and Hilary Biccari.

Built for the 2010 Soccer World Cup, the Cape Town Stadium is a lonely landmark which hosts events such as Sevens Rugby, soccer clashes and music concerts.

The Green Point Urban Park is perfect for a picnic on the lawns, cycling on the bicycle lanes and a visit to the Biodiversity Garden with 25 000 indigenous plants, trees, shrubs, bulbs and groundcovers.

Almost 80% of all properties in the area are sectional title.

Latest Propstats data shows freehold houses have sold for between R8 million and R14m this year, and a sale above R20m was recorded last year.

“Although price growth has flattened out since early 2017, the area saw some of its best capital value growth in the past five years, due mainly to development and new and renovated apartment blocks making an appearance,” says Biccari.

Developments freshly completed include The Warwick, The Beacon, Romney One, Chelsea On Main, The Chelsea and The Richmond.

Residential property in Main Road in Green Point. PICTURES: TRACEY ADAMS/ AFRICAN NEWS AGENCY

Freehold houses in the area have sold for between R8m and R14m this year.