Property

The South African suburb where houses sell for R75 million

Kirsten Minnaar • 19 February 2025

The residential property market on the Cape’s Atlantic Seaboard is experiencing a boom, with property in some areas going for over R70 million.

This is feedback from Basil Moraitis, regional head in the Western Cape for Pam Golding Properties.

According to Moraitis, residential property on the Atlantic Seaboard has experienced a particularly buoyant start to the summer season, driven primarily by increased demand for luxury property and characterised by stock shortages,

“The fact that our trading in December was busy throughout the entire month is a positive indicator and underlines the ongoing demand for Cape Town’s sought-after Atlantic Seaboard – notably for prime luxury properties,” Moraitis said.

The demand carried on past December, with January actually being much busier and February also promising robust results.

“Currently we have a waiting list of qualified buyers both local and international, all seeking to acquire their own place in the sun on this highly desirable coastline.”

“Well-located properties with good views and close to amenities such as the beaches, the central city and V&A Waterfront have sold quickly, marking the return to a sellers’ market.

Moraitis explained that in the R20 million plus category the demand is driven by upcountry and local buyers who are equalled by international buyers.

In particular, many South African expats who have become dissatisfied overseas and are seeking to return, make up this category of buyers.

Among notable sales in January (2025) by Pam Golding Properties are homes in Clifton – sold for R47 million to a local buyer and R46.5 million to an international buyer from Germany, and a home in Camps Bay purchased by a UK buyer for R55 million.

“With its prime location in Victoria Road, our Camps Bay office attracts a number of walk-ins eager to explore opportunities to acquire prime real estate in close proximity to world-class beaches and restaurants,” Moraitis said.

“Such is the demand that there is hardly any stock available to purchase in the V&A Waterfront – in fact, nothing has sold in this market over the past three months due to the lack of available residential property for sale.”

Notably, prime real estate in the V&A Waterfront ranges from approximately R15 million to R75 million, Moraitis explained.

A three-bedroom apartment in Clifton lists from R35 million to R50 million, and villas in Camps Bay vary from R20 million to R55 million.

According to Lightstone Property’s 2024 in-numbers report, the suburb of Llandudno in Cape Town had the highest average price for a property in 2024 at R26.5 million, with the maximum price paid for a property in the area being R45 million.

A standout statistic from 2024 is the median price of R18.875 million achieved in the market for homes in the R10 million plus price band in upmarket Fresnaye in 2024, Moraitis added.

Lightstone statistics also revealed that in the areas of Mouille Point and De Waterkant, median sales prices achieved in the market in the R5 million to R10 million price band have increased by 14.2% and 17.3% respectively from year-earlier levels.

“In January we achieved significant sales in Mouille Point in that price range, some examples being apartments sold for R6.8 million, R6.1 million, R5.8 million, R4.95 million and R3.125 million for very small one or two-bedroom apartments,” Moraitis said.

“The lack of stock is a key factor, as prices are being pressured upwards due to the lack of availability and increasing demand, especially in the market exceeding R5 million into the very top-end.”

“Across the Atlantic Seaboard residential property market, the more unique the property is, the bigger the interest from affluent buyers looking to secure iconic, trophy properties. Cape Town has truly been ‘discovered’.”