Where Sea Point and Green Point were once regarded as slightly less attractive for property buyers, they are today regarded as two of the most sought-after suburbs of the Atlantic Seaboard and City Bowl.
“Both occupy a very central position, providing excellent access to the CBD on the one side and the Waterfront and attractions of the Atlantic Seaboard on the other side, thus rendering them prime locations”, says Jason Paans, property consultant with Coastal Property Sales and Letting.
“Both areas”, he says, “offer an excellent mix of demand for both rentals and properties for sale almost across the price ranges. The areas are also very popular for short term rentals as they are so central and convenient thus making them excellent investment areas”.
Although prices are rising and it is now almost impossible to find a flat for under R1.5m here, these two suburbs are still very affordable for sectional title property buyers compared to neighbouring areas such as the Waterfront, Mouille Point, Bantry Bay and Camps Bay.
Paans points out that from an investment point of view, you cannot do much better than these two areas. If we look at the latest Propstats data for example, it is clear that values have risen at above average rates.
Sea Point now boasts an average sectional title selling price of R4m with two-bedroomed apartments now comfortably breaching the R2m-R4m price range. On a rate per square metre basis, the suburb now averages at between R37 000-R53 000/sqm.
“In Sea Point, property prices starts at around R1.6m for a studio unit, but you can expect to pay more in the range of R2.0m to R2.8m on average for a two or three bedroomed flat. New builds cost considerably more and the better the location or views, the more you will pay”, says Paans.
Neighbouring Green Point now boasts an average selling price for sectional title property of R4.1m, with the rate per square metre averaging between R33 000-R53 000/sqm depending on the complex, location, size and finishes on offer.
“Most notably”, says Paans, properties are selling within about a month on average and sellers are getting close to asking prices with only about a 4.3%-5.3% difference on average.
With Table Mountain and its off-shoots as a backdrop and fronted by the beautiful Azure-blue Atlantic Ocean, you cannot ask for a better location, whether for residential or holiday.
Both of these neighbourhoods offer a sought-after village lifestyle where you are within walking distance of excellent facilities for your day to day shopping needs and services such as dry cleaning, but you also have access to a wide range of fitness facilities along with restaurants, coffee shops, bars and other leisure hot spots.
“You also have the Sea Point promenade where you can enjoy a leisurely stroll, jog or cycle. There is also the green park and a golf course close by. Aside from the Waterfront, you can enjoy the facilities of five star hotels such as the Radisson Blu and the Cape Royale”.
“If you are buying into a scheme here or looking to rent, Coastal Property Management Service recommend that you do your homework in terms of the management of the complex. You will want to invest your hard earned money into a well-run scheme where property values are growing”.
For property owners too, it is advisable that they take a “hands-on” interest in the service delivery, efficiency and effectiveness of the managing agent.