Located in the Southern Suburbs of Cape Town, Claremont Upper remains an extremely sought after suburb for various reasons.
The area is attracting a variety of people to its property market where buyer profile ranges from students who want to reside in an upmarket vibey suburb close to campus, to young families and professionals desiring starter homes, to the more affluent who can acquire beautiful, spacious and luxurious homes in Claremont Upper.
Paul Sale, a Seeff agent in Claremont Upper, advises that this suburb’s popularity is not set to dwindle any time soon as the significant growth and development taking place in the area coupled with families buying in the area who have relocated from Johannesburg and the United Kingdom with strong emphasis on quality schooling for their children, would illustrate.
Many businesses like Citadel for instance have recently relocated from other parts of town to the Southern Suburbs (especially to Claremont) and new trendy and modern apartment blocks that are favoured by especially young professionals are constantly being built and renovated.
The area is also home to many top private schools, Kingsbury Hospital, distinguished restaurants and the award winning shopping destination Cavendish square, while only being located an easy 20 minutes’ drive from Cape Town CBD.
Sale continues that around 45% of the owners in Claremont Upper have lived in the area for more than 10 years, confirming area stability and popularity. Property prices in Claremont have continuously risen since 2011 where the average price for a freehold property was R1 760 million compared to R3.5 million now. Likewise, the average price of sectional title in the area has also escalated from R790 000 in 2011 to R1.6 million in 2016.
According to PropStats, sales in Claremont Upper in the past year show an average listing price of just over R8.7 million and an average selling price of close to R 8.2 million, noting a difference of only about 6.5 %. More than a dozen of the properties that were sold in Claremont Upper in the past year were on the market for only seven days or less. Average days on the market for properties marketed and sold by Seeff were 52 days compared to an average of 79 days in general.
Sale concludes that property in Claremont Upper remains extremely sought after and that he expects prices to continue to increase. Even though economic times are tough and buyers are becoming increasingly discerning, this has not affected area demand.
The most affordable property that was sold In Claremont Upper in the past year was just short of R3 million for a two bedroom and one bathroom home and the most expensive home was a five bedroom and five bathroom home sold for almost R30 million.