Camps Bay property continues to attract upper end buyers

Camps Bay property continues to attract upper end buyers

Views from the entertainment deck and swimming pool area of a Camps Bay house for sale at R19.99 million.

Camps Bay beach has held its Blue Flag status since 2008 – it is the largest white sand beach in this area and one of a few beaches in Cape Town that has a seasonal life guard station.

The beach is flanked by Camps Bay’s main tourist hub, which boasts many hotels, restaurants, and shops.

A few beaches in the near vicinity offer great surfing, good view sites, diving or entertainment areas, and are all within a five-minute drive – which is possibly why Camps Bay’s property is increasingly sought after by locals and foreigners in various price brackets, and prices have reflected this demand, says Nelio Mendes, marketing manager for estate agency SAProperty.com.

Oudekraal offers a sheltered series of tiny beaches with a well-maintained picnic and braai area. Lui Bay (Witsand) is a popular dive site, Koeël Bay is home to a popular curio market, Bakoven is a rocky outcrop that offers spectacular views, and Glen Beach, on the other side of Camps Bay is the area’s best surfing beach.

Freehold property makes up a large portion of the overall market stock in Camps Bay (64.54%) and the balance is sectional title.

The market here comprises those who are in the higher income brackets and, according to a recent Lightstone report, a high percentage (46%) of recent buyers have been in the 36 to 49-year bracket. More mature buyers, from 50 to 64 years old, make up 28% of recent buyers and 21% are 65 or older. There were only 5% in the 18 to 35-year bracket in the same time frame.

Sales figures from the same Lightstone report list average sectional title prices for the period June 2016 to May 2017 at R9.322 million and average freehold prices at R15.501m.

This is a marked increase from median prices of property 10 years, ago: in 2007, sectional title property’s median price was R5m, and freehold R5.998m. If you invested in a sectional title property in Camps Bay it could have increased in value by 133% and freehold by 145.9% in the last 10 years.

There is one stand-out property for sale at present, at R19.99m, says Mendes.

“The modern 350m² home on a 455m² plot has superb finishes and features. It has four bedrooms and three and a half bathrooms, with an additional bedroom and bathroom in a separate flatlet.

“Investing in a home in Camps Bay for many seems to be with a long-term view in mind, over 50% of the existing owners listed in by Lightstone having lived here for 11 years or more. This could be a lifetime investment, as once you come to live here, there is very little chance you’d want to move anywhere else,” says Mendes.

Call Nelio Mendes on 021 427 1600 or email nelio@saproperty.com.