Millionaire homes in Cape Town’s exclusive Llandudno

Although the smallest suburb of the Atlantic Seaboard with just 323 freehold properties, Llandudno property sales and prices have surged by 50% over the last year as top-end buyers seek out homes along this 'blue chip' coastal belt.

This is according to James Lewis, Seeff’s managing director for the area, who says at over R13.8 million based on the latest transfer data recorded by Lightstone, the average sales price for the suburb is also already almost R2.4 million more than last year’s average of R11.46 million.

Lewis says Llandudno has become one of the most sought-after coastal suburbs of the country, outranked in value terms now only by Clifton with its average house price of around R17.5 million, according to the latest Lightstone figures.

The data also shows that since the start of last year, some 36 properties worth almost R442 million have sold in the suburb. Last year’s 24 sales are also 50% more than that of the prior year (being 2013).

Lewis says, in addition, several top-end properties have sold over the last year at prices ranging to R22 million in Leeukoppie Road, R30 million in Apostle Road and as much as R40 million in Steenway Road, all to local residential buyers.

Agent Stephan Cross says five years ago, you could still find plenty to buy in the suburb under the R10 million price level, but this is changing fast as the popularity of the suburb grows. In fact, less than one third of all sales since early last year fall below this price level.

Lewis says it is also mostly younger buyers that have boosted activity and the dynamics of the suburb is changing fast. Where it used to attract older buyers, often retirees, it is now younger buyers, especially families and professionals who are settling in this area. As much as 75% of buyers are now in this demographic and there is a clear shift to viewing the suburb as trendy and exclusive.

Llandudno, in particular, is attracting wealthy entrepreneurs, but is also popular with foreign buyers and wealthy captains of industry from inland areas such as Johannesburg looking for exclusive holiday homes.

Cross says a drawcard for family buyers, especially, are the bigger stands that tend to range from around 990sqm to 1 300sqm on average. This is comparatively bigger than the average in the rest of the Atlantic Seaboard.

The homes, especially at the upper end of the market, are exclusive with top-end finishes. While older houses can still sell for around R9 million to R13 million, houses now generally range upwards of this to about R44 million at the top end for an architectural villa located high up in the suburb with spectacular views.

Cross says this particular home is a good illustration of what makes the suburb so sought after and exclusive. It is on a typically larger stand of 1 000sqm and offers 640sqm in floor space, spread over six levels, all served by a glass elevator.

Plenty of balconies and terraces offer either mountain or spectacular sea views. There are four bedrooms, as well as a separate apartment, multiple living rooms, garaging for four cars, wood-burning fireplaces, underfloor heating and air conditioning, a sauna, jacuzzi and infinity pool and outdoor shower for the ultimate South African lifestyle.

Lewis says Llandudno’s location against the slopes of the Twelve Apostles Mountains, with miles of azure-blue ocean and a Blue-Flag beach to the front, is the primary driver of the demand and value of property in this area. The suburb also sits firmly amidst protected fynbos and greenbelts.

The suburb also delivers on the X-factor when it comes to exclusivity, says Lewis. There is only one access road, no traffic or commercialisation, height restrictions and no high-rise apartment blocks. There is also no room for expansion, hence only a limited number of properties on offer.

Sought-after streets for the best views include Fishermans Bend, Leeukoppie Road, Bosman Avenue and Apostle Road. Lower down, Sunset Avenue, closer to the beach, is another favourite where properties can reach R50 million for a luxury beach house.

Lewis says as with the rest of Cape Town’s Atlantic Seaboard, property in Llandudno is particularly attractive, both in terms of location and value on offer to foreign buyers. “About 20% to 30% of property is sold to foreign buyers annually, predominantly from the UK and Germany, many of whom migrate here over our summer, sometimes for up to six months of the year.”

In line with the trend on the Atlantic Seaboard over the last few years, Llandudno property is now seen as a solid store of wealth. Naturally, this has led to higher demand and property values, says Lewis.