Property

Luxury property boom in Cape Town

Kirsten Minnaar • 17 August 2025

Cape Town’s Atlantic Seaboard apartment market is booming, with record prices, a surge in R20 million-plus sales, and strong demand from local, semigration, and international buyers.

The shift to luxury downsizing for the convenience of a lock-and-leave lifestyle has been an important driver behind this trend.

According to Ross Levin, licensee for Seeff Atlantic Seaboard, luxury downsizing has seen buyers and investors flocking to high-demand areas such as Cape Town’s Atlantic Seaboard.

As a result, the number of apartments sold for over R20 million rose 30% in 2025. In 2025, 22 apartments priced over R20 million have sold, compared to just 17 units during the same time in 2024.

The Waterfront led with the most R20 million plus sales, with eight apartments sold. This was followed by Camps Bay (4), Clifton (3), Mouille Point (3), Bantry Bay (2), and Granger Bay (2).

Levin noted that Seeff is also seeing more high-value sales in areas such as Mouille Point and Granger Bay, mainly at The Waterclub.

Across the Atlantic Seaboard, 329 apartments worth a combined R2.4 billion have been sold across all price bands at an average price of R7.2 million, up 14.2% from 2024.

The rate paid per square metre, the usual pricing method for apartments, has also hit a new record high of R170,000 per m², up from around R160,000/m² in 2024. Only 7.7% of sales are now below R2 million, mainly in Sea Point, Green Point, and Mouille Point.

Cape Town offers several strong draws, including its cosmopolitan lifestyle and location between the mountains and the sea.

Now, Levin explained that high demand and limited land space in the city have driven apartment prices to new record highs, especially those with waterfront locations or good sea views.

Cape Town draws Airbnb investors

In 2025, Seeff sold several luxury properties in Cape Town. A record price of R65 million was paid for an apartment in Bantry Bay, The Aurum. Additionally, six sales at the Waterfront ranged from R22 million to R40 million.

A Camps Bay penthouse sold for R36 million, and two apartments, priced at R24.5 million and R24 million, were sold in Clifton.

A unit in Granger Bay also sold for R27 million, and two apartments in Mouille Point sold for R25 million and R23.5 million.

The market has attracted a mix of local buyers, those semigrating from Gauteng and KwaZulu-Natal, and international buyers, particularly from Germany and the United Kingdom.

Given the high demand for holiday rentals and attractive returns, the Atlantic Seaboard and City Bowl area is also the top choice for Airbnb investments. The Waterfront has been particularly active, with at least eight high-value sales in 2025.

Kim Bendall Bailey and Finella Botes from Seeff Waterfront said there is now a shortage of stock, with listings at the lowest in over a decade, especially below R15 million. Property owners are holding back mainly due to high replacement costs.

Waterfront apartments are selling for over R130,000/m², especially those on the Front Yacht Basin with unparalleled views, where high-end units reach R20 million to over R40 million.

The Waterclub in Granger Bay, a prestigious marina setting, now sells from R120,000/m² with some units topping R20 million.

Mouille Point is most active in the R7 million to R10 million range, with top buildings selling from R70,000/m², although two units have sold for over R20 million in 2025.

Sectional titles in Camps Bay are mainly sought for investment purposes, such as Airbnb, which offers lucrative returns, or as holiday houses.

However, according to Lyn Pope and Edith Marsh from Seeff Camps Bay, stock under R8 million is scarce and sells as soon as it comes onto the market. Properties priced over R18 million are seemingly performing better.

Atlantic Seaboard hits record prices amid stock shortages

Adrian Mauerberger and Bryan Ginsburg from Seeff Atlantic Seaboard, who achieved the highest price of R65 million for a Bantry Bay apartment, cited similar challenges, with a scarcity of stock in the R5 million to R13 million range.

As a result, rates paid per square metre have markedly increased. Sea Point prices are up from R45,000/m² to R60,000/m², and Bantry Bay now sells prime waterfront units from R70,000/m² to R150,000/m².

Strong demand is coming from families downsizing, semigration investors, and second homes from international buyers

Additional record-setting Bantry Bay deals include achieving the highest rate of R170,000/m² for an apartment.

Notable sales include R45 million and R50 million, and R120,000/m² at The Bantry. Other highlights include R115,000/m² at The President and R100,000/m² at Station House in Fresnaye/Sea Point.

The Cosmopolitan and Le Chateaux also achieved impressive figures, although these units featured larger terraces and balconies.

According to Hilary Biccari and Lolly Unterslak from Seeff Atlantic Seaboard, apartments in the R2.5 million to R5 million range across the Atlantic Seaboard are flying off the shelf.

This demand comes from international buyers, expats, and locals. However, these are also in short supply, thus offering opportunities for sellers.

Overall, Levin said the market is buoyant. Sellers are achieving good prices. On average, 93.3% of their asking prices with units below R5 million to R13 million achieve within 95.4% of asking prices, and they often sell for just about or their full asking price.