Africa's wealthy are snapping up properties on the Atlantic Seaboard

Properties in Clifton and on the Atlantic Seaboard are prime purchases for well-off South African and International buyers. Buyers from other African countries have emerged as a strong new market snapping up properties on Cape Town's desirable Atlantic Seaboard, boosting sales during the current tough financial market. Estate agents are confident that the summer holiday season could boost sales further. DG Properties said this week that in October and November alone, it had closed sales worth R 200 million on the Atlantic Seaboard, including selling a R65 million, five-bedroom Bantry Bay home and one in Clifton for R 20 million. DG Properties said Clifton was the most sought-after suburb in the area. "International buyers instantly recognise the brand associated with Clifton, and are willing to pay the associated top-end prices to secure property in this niche area." While a large number of the buyers were from Johannesburg, looking for holiday and investment properties, DG said African buyers from countries like Senegal, Gabon, Angola and Nigeria were also emerging. DG also expects sales on the Atlantic Seaboard to continue to next year, as holiday makers in Cape Town view and buy properties there. Many of these deals would, however, only be closed next month.