Featured
On Show
New developments to boost False Bay property
Category Property News
Upcoming upgrades of infrastructure and amenities are expected to boost the False Bay property market in the coming months.
There has been growing awareness of False Bay's unique charm, excellent lifestyle and value offered on this scenic coastal strip, but outdated infrastructure and a lack of key amenities, especially in areas like Kommetjie and Noordhoek, has often discouraged many prospective buyers.
However, the opening of a new school and significant infrastructural upgrades that are currently underway are poised to spur demand and increase property value this year.
Steve Thomas, Lew Geffen Sotheby's International Realty Franchise Manager in False Bay and Noordhoek says, "There has been substantial investment in the area, from improved roads and connectivity to shopping malls, galleries, restaurants, retirement homes and residential developments, but the real game-changer is the Generation School which opened in Imhoff on 23 January. It will eventually accommodate close to a thousand learners from early learning to tertiary entry so, for the first time, residents in the southern peninsula, and particularly the more remote parts of the southern western areas towards Scarborough and Cape Point, will have easy access to schooling.
It will significantly impact the desirability of the area as an attractive place to live and will drive property growths."
Natalie Cooper and Trish Bichener, Area Specialists for the group in the Kommetjie, Blue water and Imhoff's Gift region agree that the addition of a school along with major road improvements will bolster the market. A wide variety of property options across all price ranges is currently available.
"Buyers have their choice of plots, apartments, townhouses, clusters, estates and freestanding homes starting at around R1 million all the way up to R20m, many of which have stunning sea views. However, this node has never had a comprehensive schooling option and families have always faced a considerable daily commute which has discouraged a number of prospective investors," says Cooper.
They add that although they have seen an increase in the number of sellers who are either emigrating or are already overseas, they are also receiving an encouraging number of queries from foreign buyers who are considering investing in the area.
Thomas says, "Unlike most comparable areas in Cape Town, the False Bay and Noordhoek region still offers first time buyers a very accessible entry into the Cape Town property market, especially in and around Muizenberg and Fish Hoek where one can buy a three-bedroom house from around R1.7 million. Currently the highest demand is for properties priced below R2.5m and apartment living is becoming an increasingly popular lifestyle choice and new developments with added security and easy, low-maintenance lifestyles are always in demand."
In addition to the new school, there is also a light mixed-use development with a residential component already on the cards for Kommetjie. Potential development in the area has increased the demand for commercial space over the past 12 months.
"The area is now well-supplied with amenities like shopping centres and medical services as well as key services including a driving test station and municipal offices in Fish Hoek, so with the addition of a school and the vastly improved infrastructure, I expect the False Bay market to continue to hold its own." adds Thomas
Author: Lew Geffen Sotheby's International Realty