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Cape Town - Camps Bay has enjoyed a boom year during 2013, with market activity exceeding the pre-2007/8 highs and even the record highs of 2010 according to Seeff’s agents for the area.
Following a better than expected winter season, activity picked up further into the summer months.
A recent report by international research consultancym New World Wealth that tracks the location of ultra-high-net-worth South Africans, also points to Camps Bay as topping the list of most sought-after suburbs for the wealthy.
It boasts the highest concentration of trophy homes (155), valued above the R20m price mark.
With around 104 sales to the value of almost R772m in the suburb for 2013, the suburb experienced one of the best years yet, said Seeff's managing director for the Atlantic Seaboard, Ian Slot.
"Compared to the highest boom-period figures, being 2007 when around 81 properties sold to the value of almost R497m, we observe an improvement of 28% in sales volumes and 55% in rand value," he said.
In 2007 the average price for a freehold property in the suburb was around R6.4m.
Today it is almost R8.7m, slightly better than last year’s R8.6m, although price growth still remains relatively flat, said Slot.
The difference between the asking and sale prices though, has reduced to on average under 10% where properties are priced realistically.
The period of time on the market is also down from an average of 220 days during the past few years to less than 90 days for new releases.
Foreign buyers
The suburb continues to top the shopping list for foreign buyers, buoyed in particular by the weak rand that has spurred an increase in demand during the last year and continuing into the new year.
About one third (over 31 sales) of all sales in the suburb was to foreign nationals, the highest percentage achieved within the Atlantic Seaboard.
UK and European buyers are still the biggest contingent, but the suburb is increasingly attracting wealthy buyers from the continent, especially Angola, Congo, Nigeria and also from the Middle and Far East.
With more than 80% of all sales still falling below the R10m price band, the sub-R8m price band especially is seeing the highest demand as buyers and investors (including Joburg and other upcountry buyers) continue to look for good value.
Following a better than expected winter season, activity picked up further into the summer months.
A recent report by international research consultancym New World Wealth that tracks the location of ultra-high-net-worth South Africans, also points to Camps Bay as topping the list of most sought-after suburbs for the wealthy.
It boasts the highest concentration of trophy homes (155), valued above the R20m price mark.
With around 104 sales to the value of almost R772m in the suburb for 2013, the suburb experienced one of the best years yet, said Seeff's managing director for the Atlantic Seaboard, Ian Slot.
"Compared to the highest boom-period figures, being 2007 when around 81 properties sold to the value of almost R497m, we observe an improvement of 28% in sales volumes and 55% in rand value," he said.
In 2007 the average price for a freehold property in the suburb was around R6.4m.
Today it is almost R8.7m, slightly better than last year’s R8.6m, although price growth still remains relatively flat, said Slot.
The difference between the asking and sale prices though, has reduced to on average under 10% where properties are priced realistically.
The period of time on the market is also down from an average of 220 days during the past few years to less than 90 days for new releases.
Foreign buyers
The suburb continues to top the shopping list for foreign buyers, buoyed in particular by the weak rand that has spurred an increase in demand during the last year and continuing into the new year.
About one third (over 31 sales) of all sales in the suburb was to foreign nationals, the highest percentage achieved within the Atlantic Seaboard.
UK and European buyers are still the biggest contingent, but the suburb is increasingly attracting wealthy buyers from the continent, especially Angola, Congo, Nigeria and also from the Middle and Far East.
With more than 80% of all sales still falling below the R10m price band, the sub-R8m price band especially is seeing the highest demand as buyers and investors (including Joburg and other upcountry buyers) continue to look for good value.
