Featured
On Show
Muizenberg sectional title market soars
Category Property News
SECTIONAL TITLE sales spiked in Muizenberg during 2016 with Lightstone data revealing that the number of registrations increased by almost 75 percent from 159 in 2015 to 278 last year, while house sales dropped by 27 percent with only 89 registrations during 2016.compared to 123 the year before. However property values in both sectors increased and Steve Thomas, franchise manager for Lew Geffen Sotheby's International Realty in False Bay and Noordhoek, believes the current growth rate and buying patterns will continue in 2017. "The sectional title market made a strong recovery last year with a promising rise in the median sale price to R633 233 after it dropped significantly in 2015 to R599 990 from R735 000 in 2014. "And, although there were fewer house sales last year, there was a solid increase of 14.4 percent in the median price, which rose from R1.05 million in 2015 to R1.2m in 2016." Thomas says a clear indication of the current sectional title market strength is the record apartment sale price recently achieved in Muizenberg for a flat in the landmark Cinnabar high rise apartment block, which was sold for R4m by John Barr of Lew Geffen Sotheby's International Realty Lew Geffen, chairman of Lew Geffen Sotheby's International realty says: "The newer adjacent areas of Marina da Gama and Capricorn also offer a great selection of affordable homes with apartment prices starting at around R650 000 and twobedroom houses or clusters are still available for under R2m. "Pi budget of up to R4m will buy a spacious, modern house at the water's edge on the banks of the Zandvlei Lake waterways, creating a haven where outdoor enthusiasts can relax and enjoy an array of activities from birding to kite surfing and standup paddleboarding." Geffen says the area's extremely.competitive pricing.compared to similar seaside suburbs is one of the main reasons that the market is holding up well. "These suburbs have also become increasingly popular with Gauteng buyers who are looking for value in a market where it's becoming more difficult to replace the lifestyle they enjoyed upcountry" "The Blue Bird Food and Craft Market attracts hundreds of people every Friday night and popular restaurants like Tiger's Milk and Live Bait are always buzzing with locals and visitors."
Author: Lew Geffen Sotheby's International Realty