Called the Gold Coast of Cape Town it winds picturesquely from the hubbub of Sea Point, along the stunning pristine beaches of Clifton and Llandudno, to the quiet peaceful yet rapidly growing village of Hout Bay. Part of what is considered to the most exclusive residential zone for Cape Town; it is also known as Millionaires row.
If you have been waiting for the right time to invest on a Atlantic Seaboard property in Cape Town, the time is now. The Cape Town property market is neither depressed nor struggling. If I had to use a word to describe its present conditions I would say it is reflective. The prices are slowly stabilising; the sense of desperation that signifies speculative runs is dying down. The feeling of urgency, which is the downfall of the amateur investor, is gone and the market is slowly rationalizing. Proper negotiations are now possible so that you can bring sellers down from their high horse and get the best deal on your Cape Town property.
Premium areas like Vredehoek and Oranjezicht are expensive but you can still buy a second hand home or a fixer upper under R2.5 million. The buoyancy in the Cape Town property market is fueled by the rising middle class who are seeking to take their new-found wealth out into the suburbs. If you are buying as an investment the peninsula is as sound an investment as it gets.
The reason is apparent, what with 65% of the land being taken up by the mountains and natural reserves, available Cape Town property in the suburbs is slowly but surely drying up. The new affluent middle class is desperately looking for better places to bring up its children and to retire and finally to find itself better quality of life.
Suburbs in the Cape flats like Mitchell’s Plain, Grassy Park and Ottery are growing at a slower rate while places like Rondebosch East, Diep River, Lower Wynberg, Retreat Sea Point and Goodwood are set to take of. Some of the best Cape Town property to be had in terms of lifestyle as well as investment is Simons Town
Simon’s Town with its 53 minute train commute to the city centre, its charming Main Street, great restaurants and flourishing yacht club seems increasingly welcoming to those who are fed up with traffic on the highways. Near perfect Golf courses, vibrant cultural life, mountain trails and low crime rate Simon Town’s popularity will only increase in the decade to come.
The Western Cape is the second most popular tourist destination in South Africa after Gauteng. It has seen a 7.9% growth with 383,309 tourists arriving in the first quarter of 2010. Total Foreign Direct Spend has also increased with a share of 19.6% where the province itself has done R5.5 Billion. Of the Western Cape Hout Bay stands third in rank for hotel bookings that make it also very hot. This translates into a very lucrative apartment rental and a dynamic Cape Town property market.
Purchases made in the Cape Town property market in recent time follow the trend of buying older houses with a view to renovate. These spectacular old homes are endowed with big plots that allow you to extend and add as you see fit. Stand-alone property is favored over gated estates as this allows the buyer to individualize the design and architecture of his Cape Town property.