With Table Mountain as a backdrop and the luxury of living almost on the water’s edge within walking distance of the Victoria Wharf Shopping Centre and the award-winning Zeitz MOCAA Museum, an apartment in Cape Town’s Waterfront has a proven track record as a solid property investment, according to Pam Golding Properties.
The Victoria and Alfred Marina is considered one of the most successful residential developments globally, and Lightstone data show property prices have appreciated by 165% over the past decade, says Mariël Burger, Pam Golding Properties agent for the Waterfront and Mouille Point. The median price of apartments sold in the Marina have soared from R9.75 million last year to a massive R15.9 million thus far this year, based on 19 sales, according to Lightstone.
Ideally located in one of the most visited attractions in Cape Town, apartment prices vary between R6.895 million and R69.5 million, with the Front Yacht Basin homes fetching up to 30% more than the canal-facing units. The development started selling units in 2000, and since then the Canal apartments and Yacht Basin apartments have shown nominal returns of 360% and 455% respectively. While there have been fewer sales so far this year, the prices of apartments continue to show robust growth that appears to be impervious to the market slowdown being seen elsewhere on the Atlantic Seaboard and in the Cape Metro’s property market as whole.
One of these prime Marina properties, at Pinmore, is currently listed by Pam Golding Properties for R65 million.
“This exquisite residence occupies an entire floor of this sought-after complex, offering luxury accommodation of vast proportions,” says Paul Levy, Pam Golding Properties agent for the Waterfront and Mouille Point.
Other features of this unique 400sqm home include three parking bays, and access to communal pools and a gym, as well as controlled access security.
The charm of the Marina apartments extends beyond the enviable location and views. They are also conveniently located within walking distance of the V&A Waterfront and city centre, there is easy access to public transport such as the MyCiTi bus route, and the pristine beaches of the Atlantic Seaboard are a short distance away.
The proliferation of blue-chip company headquarters at the Waterfront means that these units are also well-placed for short- to medium-term corporate rentals. The apartments offer superlative security, offering similar peace of mind as an upmarket estate, but with the convenience of urban living on the Atlantic Seaboard.
In the first six months of the year (January to June 2018), there were nine sales at the Waterfront Marina, and even the older apartments of 10 years and more have sold for upwards of R7 million because of their considerable investment potential, says Pam Golding Properties agent, Kim Bailey.
A 16-year-old apartment in Parergon on Quay Road sold for R20 million, achieving R121 000 per square metre.
The average number of days apartments in the Waterfront are listed before being sold underlines the demand for these properties. An older unit in Gulmam, on Dock Road, sold within 15 days of being listed, while an apartment in Dock Road was sold for R8.28 million in less than four weeks. According to Propstats data, Marina apartments sell within two months, which is well below the FNB estimate of a national average of four months, or 16 weeks and four days, during the second quarter of the year. Only two of the sales this year required a bond and almost all of the apartments were bought by South Africans.
“Pam Golding Properties has established itself in the Waterfront Marina, and the opening this month of a dedicated on-site office will enable us to deliver direct and exceptional service,” says Burger.
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