Buyers seeking affordable property close to the sea in Cape Town are gravitating towards the False Bay coastline, where homes close to the water can still be bought for well under R2 million.
This four bedroom house in Glencairn, Simons Town, offers a fireplace and an entertainment area with pizza oven. It is selling for R4.5 million - click here to view.The areas that are most likely to deliver bang for buck properties are Muizenberg, northern Simon’s Town and ‘the Glens’ – Glencairn, Glen Marine and slightly further from the sea, Welcome Glen.
This is according Steve Thomas, Lew Geffen Sotheby’s International Realty Franchise Manager of False Bay and Noordhoek, who says the Marina da Gama market has also been fairly fluid, because it offers a waterfront lifestyle without the crowds that a seafront brings.
“The real value in these areas is to be found in the lower market segments. I always think of the attraction of a R1.5 million property to a European holiday home buyer, who’ll effectively be paying just over EUR100 000, which is extremely affordable. That amount won’t even cover a bachelor flat in an unfashionable part of London.”
Thomas says European buyers have been showing interest in the market especially since the rand fell in value earlier in the year, but that the main buyers continue to be Capetonians and Gauteng residents looking for holiday homes.
This two bedroom house in Marina Da Gama, Cape Town, has underfloor heating and own access to the marina. It is on the market for R1.9 million - click here to view.The main value buys in the lower market levels are apartments and fixer uppers or properties that need some renovation and again the best of these are to be found in the Muizenberg and Glens areas.
According to Western Cape property aggregation website Propstats, the average price of properties sold in Muizenberg in the past year was just under R900 000, in Marina da Gama around R950 000 and in Glencairn R1.95 million.
Marina Da Gama is especially in demand with nature lovers, because homes are built around a number of waterways and forms part of the Greater Zandvlei Estuary Nature Reserve. Many residents enjoying an evening kayak, windsurf or stand-up paddle along the canals and visiting neighbours by rowing boat is normal, he says.
Competitive pricing is one of Marina da Gama’s most appealing features, but prices are increasing steadily. According to Propstats, since January this year prices have averaged R1.1 million for mainly three to four bedroom properties. These are attractive particularly to first-time buyers and retirees.
This 628 square metre vacant land in Simons Town is selling for R1.95 million - click here to view.For those who prefer to build their own homes or develop land, Thomas says the Glens and Simon’s Town areas offer many opportunities with a number of vacant stands available.
“At the high net worth end of the scale, the areas in demand are St James, Kalk Bay and Simon’s Town. Homes in these areas tend to go for an average of R3 million and a one bedroom apartment sold in March this year for R4.8 million after just 16 days on the market.”
On the question of stock availability in the area, there never seems to be enough, he says.
“Homes in the False Bay area tend to sell fairly quickly when they come on the market at the right price; typically within a month when accurately priced. I recently sold several properties within a shorter time as the price and value was spot on,” says Thomas.
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