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Camps Bay continues to hold local and foreign investor interest
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Camps Bay continues to hold local and foreign investor interest Although the Camps Bay market has responded predictably to the prevailing socio economic climate with lower sales volumes across the board, it has proven more resilient than most comparable areas in 2018 with a 1,88% increase in the average house price and a diminishing gap between asking and selling prices. In 2017, the average house price of R16,46 million was 11,3% lower than the marketed price and last year, the average selling price increased to R16,77m which was just 9,6% lower than asking price. Although sectional title prices dipped from R14,29m to R10,36m, the difference between asking and selling prices decreased from 10,2% to 8,4%. Brendan Miller, CEO, Lew Geffen Sotheby's International Realty, says: "These Propstats figures clearly demonstrate that, although the market here isn't immune to the slower economy, it has certainly held its own. And one mustn't forget that it's also in a natural price correction phase which is part and parcel of the real estate cycle. "Camps Bay remains sought after as it offers investors a wide choice in properties with its 60 40 mix of freehold and sectional title homes in an exclusive setting, a unique lifestyle and long term investment value. The suburb also has an advantage over its immediate neighbours in that most of the houses are set on sizeable stands. And, with the beach's Blue Flag status and vibrant beachfront strip, Camps Bay is the suburb that first pops to most foreigners' mind when they talk about Cape Town." Miller says they're still receiving an encouraging number of enquiries from foreign investors despite the controversial land expropriation issue. Camps Bay remains sought after as it offers a wide choice in properties with its 60 40 mix of freehold and sectional title homes in an exclusive setting, a unique lifestyle and long term investment value BRENDAN MILLER, CEO, LEW GEFFEN SOTHEBY'S INTERNATIONAL REALTY According to Farrah Mia, area specialist for the agency, there's also still considerable interest in big ticket properties, both locally and on the international website as foreign buyers know they would pay at least three times the price for similar homes in comparable international destinations. "We're currently marketing two contemporary designer homes, both with private cinemas and state of the art bells and whistles, which wouldn't be out of place on the Riviera but at a fraction of what it would cost to buy there. "Camps Bay has continued to set records since the downturn and properties, for the most part, have retained excellent value. It's also considered by most to be a solid long term investment as evidenced by Lightstone data which shows that over 50% of the existing owners have owned their homes for 11 years or longer," Miller says. The suburb also attracts many investment buyers as it remains one of the most desirable holiday destinations in the country, attracting both local and foreign tourists. "Camps Bay's appealing synergy of opulent glamour, relaxed beach lifestyle and traditional family values, along with its variety of property options continue to underpin the market in this scenic oceanside enclave. And with few remaining opportunities for further development, property in Camps Bay will remain a very attractive investment," he concludes.
Author: Lew Geffen Sotheby's International Realty