Demand Booms for Value-for-money Property in Green Point

Property buyers continue to flock to Green Point, driving up demand in this sought-after suburb.

Many people are choosing to invest in Green Point which offers wonderful sea views and is close enough to walk to an array of shops, restaurants, the Sea Point Promenade, as well as world-class lifestyle attractions, such as the Green Point Urban Park, the Cape Town Stadium and the V & A Waterfront. It is also close to the beaches of Clifton and Camps Bay, and the CBD - which can be accessed either by car or the efficient My-CiTi Bus service.

And it is not just the location that is drawing buyers.  Whilst demand in this rapidly evolving and vibrant area is certainly driving up prices, many of the properties in Green Point still offer wonderful value for money.

This is according to Alexa Horne, Managing Director of DG Properties, who says that Green Point's location has made it highly desirable for buyers who don't want the hassle of fighting rush hour traffic and want the convenience of city living right at their doorstep.

"We have seen robust demand for property in this suburb which has limited residential space available - as does most of Cape Town's CBD.  This has given rise to high levels of interest in property within the area."

Some examples of value-for-money properties currently on the market in Green Point include a newly renovated north-facing 3-bedroom apartment in Hillside Heights is currently on the market for R3,35 million, featuring a private balcony as well as a communal garden and pool area. This home also has a private single garage as well as 24-hour security on-site.

Another example of what your money can buy in Green Point includes a 1-bedroom apartment in The Odyssey building on Main Road with views of Devils Peak from the living area, secure basement parking, 24-hour security and concierge, a communal rooftop pool and braai area with glorious views of the mountain & vistas for sale for R2,195 million.

A bit pricier budget-wise is a 2-bedroom apartment in Ocean View Drive in Upper Green Point with a private garden, undercover patio, pool, double garage and stunning views for R7,45 million, or a 3-bedroom, 3-bathroom (all en-suite) fully furnished luxury apartment in the Romney Park Aparthotel, with unending views over the Atlantic from its location on the lower slopes of Signal Hill. A large swimming pool and lounging deck area, on-site restaurant, bar and lounge, boardroom meeting facilities, full backup generator during load shedding, water tanks, and full wheelchair access are just some of the features included for the R8,775 million price tag.

Alison Robb, sales agent and Green Point area specialist for DG Properties says that Green Point is a popular residential area for young professionals and university students as it enjoys a hive of bustling nightlife, trendy restaurants and cafés, as well as easy access to the main arterial routes in and out of the Atlantic Seaboard.

"Well-priced properties and hidden gems are scattered throughout the area. There are apartments available which have excellent potential for value appreciation and are often priced lower than comparable properties in other surrounding areas close by, making them a great investment opportunity. Globally, history has shown that rejuvenated city centres offer significant capital growth."

Robb says that she has experienced a surge in sales during the months of February to May from mostly investor buyers from Gauteng and KZN entering the market and snapping up any available well-priced apartments, as well as first-time buyers who are offered incentives when purchasing with a bond.

 "Activity is brisk among buyers in the price range from R1.2 million to R2.5 million - and if lucky, one can snatch up a 3-bedroom apartment in the region of R2.95 million. However, we do continue to see a shortage of stock in the area due to semigration. Everyone wants to be in Cape Town right now and Green Point offers an affordable lifestyle for those wishing to have a foot in the door."

"For obvious reasons, Green Point is one of Cape Town's most popular suburbs, offering a sense of community, security and vibrant energy. Residents can take a stroll or cycle on the promenade, go shopping at the V&A Waterfront, sunbathe at nearby popular beaches, kayak with the dolphins, and enjoy a variety of trendy coffee shops, cafés and renowned restaurants - all within strolling distance."