Clifton property market rockets

DG Properties has notched up a spectacular series of record sales in Clifton, Cape Town, totalling almost R400 million over the last 6 months. DG confirmed that a large percentage of sales, particularly top-end, had been to foreign buyers. The highest individual price achieved by the company was R60 million for a four-storey, six-bedroom villa perched high above Clifton, featuring a curved glass lift, a rim flow pool, sauna, wine cellar and staff quarters. Other sales to international buyers included a property for R11 million to a Swiss purchaser and R22 million for a property to a British investor. A coveted Clifton bungalow, with direct beach access, fetched R26 million, while a spacious apartment in Eventide, with prized parking, exchanged hands for R28 million. Investor confidence in the Atlantic seaboard residential market comes hot on the heels of the resale of the V&A Waterfront to a local consortium. Appointing a professional, experienced agent is crucial, however, in closing top-end transactions, says DG. "Many sales are the result of word of mouth and personal networking is the only sure-fire way to market this calibre of property." The Dogon Group also achieved a record R42 million for a vacant piece of land, demonstrating the keen interest in Clifton as a platinum real estate address. The only derelict home in Nettleton Road was sold by the Dogon Group for R32 Million and will be demolished by the purchaser in order to erect a brand new house - a trend that is on the upswing - thereby confirming that the purchaser paid a purchase price equivalent to the value of a vacant site. "The Atlantic Seaboard has entrenched itself as an international destination. With the limited supply of prime real estate in this area, we expect prices to continue to outperform the rest of the country," says DG's Adrien Epstein. "Yet, it's not like the days of continual historic highs, when we had foreign buyers investing in their droves," adds DG, "but rather a steady, solid growth in interest as the rest of the world comes to realise that Cape Town offers it all - from the winelands to world-class cuisine, outstanding entertainment and cultural events such as Cape Town's International Jazz Festival." The poor weather in Europe every winter also had a knock-on effect, bringing visitors to our shores looking for a second home in the sun. The Atlantic seaboard's natural beauty attracts such potential investors, as does the close proximity to the city and its beaches, plus the ability to enjoy a glamorous cosmopolitan lifestyle. Dogon rightfully concludes that, "Cape Town's improved infrastructure and development have placed it firmly on the map as one of the world's hippest and most beautiful destinations. We are consistently chosen by one of the most prestigious travel magazines in the world as the essential place to be."