Famous for its laid-back surf and sea lifestyle, Muizenberg’s property market has flourished over the last fifteen years. Having overcome a long period of neglect and decay, the suburb is now highly desirable among first time buyers and young professionals, and recent trends suggest its popularity is fast spreading to more affluent markets as well.
“Muizenberg has a very unique appeal,” says Errol King, the Rawson Property Group’s franchisee for the area. “It has an amazing beachfront, world-famous surfing, a mountain, a vlei and some incredible history and architecture, and it still feels like the quaint holiday resort town that it used to be in times gone by. People go surfing after dropping their kids at school, kitesurf and kayak on the vlei after work, and stroll to the local shops, restaurants and cafes. It feels a million miles away from the hustle and bustle of the city, but the CBD is really only a short train-ride away.”
This relaxed lifestyle, together with a wide variety of relatively affordable property, has made Muizenberg a hotspot for young, trendy buyers looking for a healthier work-life balance. As the market has strengthened and the area has evolved, however, more affluent and established buyers are also looking to get in on the action.
“Over the last year, we’ve seen extremely high demand for larger family homes in Muizenberg,” says King, “particularly in the R2.5 million to R4.5 million range. Double-dwellings – homes that are split into two apartments, one on top of the other – are also growing in popularity as ideal work-from-home spaces or potential income-earning rentals.”
The rental market, according to King, is one of Muizenberg’s lesser-known strengths, with remarkable return on investment potential.
“A one bedroomed flat of 28 to 34m2 would cost around R500 000,” he says, “and could bring in as much as R5000 per month in rent. That’s enough to cover the monthly repayments on a 100% bond from day one, which is almost unheard of in and around Cape Town these days.”
Stock in the area is, unfortunately, scarce, particularly when it comes to potential rental properties and homes in the most popular parts of town. These include Muizenberg Village and homes between Main Road and Boyes Drive.
“Muizenberg Village is highly sought-after for its central location, great beach access and vibrant atmosphere,” says King. “A 100m2 cottage here will cost around R1.35 million, but you can find properties from R950 000 all the way up to R4.5 million. The homes above Main Road and below Boyes Drive are larger, with statelier proportions, and seldom hit the market for anything less than R4 million – often running significantly higher.”
Muizenberg East, also known as Capricorn or Costa da Gama, has more affordable freestanding homes priced from R750 000. It also boasts the only remaining undeveloped land in the area, although this may not be the case for long.
“We’re not seeing all that much renovation going on at the moment, but there have been a huge amount of new developments going up over the past few years,” says King. “At the moment, there’s a sectional title development of 400 flats under construction in Muizenberg East, which should put a spring in the step of potential buy-to-let investors.”
Despite its increasing popularity and ongoing construction, however, Muizenberg has managed to retain its village-like atmosphere, and King is confident that this will remain a priority for the community.
“Muizenberg may be growing and changing, but it’s heart remains the same – a spirited, engaged and passionate community that truly cares about the incredible place in which they live.”