Property boom hits Cape Town
Category Property News
DG Properties reports, "There is a better quality of life here in Cape Town, when compared to other cities. Cape Town is recognised as one of the most beautiful and desirable places to be".
More recently, TripAdvisor, the respected and largest dotcom website for discerning travellers, awarded Cape Town the status of "Best City Destination in the World", as voted by its international followers. When you consider the many aspects of beauty and culture, the quality of our restaurants and the value for money, it's an easy decision to purchase here". Denise says that the demand for Cape Town properties has reached unprecedented levels with investor confidence in the residential market rocketing.
DG has outperformed its record sales in previous years with Atlantic Seaboard sales continuing to break records. The last six months have produced significant results, with DG experiencing huge demand from all sources, especially the internet. DG Properties has completely sold out the new luxurious "Mirage" development in De Waterkant.
The R400-million development by the Nova Group and marketed by DG Properties consists of 66 apartments, two levels of retail space and a 63-room, five-star hotel which is independently owned and managed by a European hotel group. The apartments range in size from one to three bedrooms and were priced between R1.8 million and R8.9 million. The Mirage's penthouse was sold for R27 million. DG said the new development represents a healthy barometer of Cape Town's real estate industry.
"With the return of the investor, new developments are springing up all at once, many of which are sold out before they even reach the market. Because the market has been stagnant for a while, people are realising there is a shortage of stock and that they will never be able to buy at these prices again." DG Properties which specialises in luxury property have sold over R100 Million worth of homes in the last month (September/October).
DG added that Cape Town's property boom is highlighted in sectional title sales, which has seen exceptional results within the DG, with the sale of an apartment every second day. Monthly rentals have increased from approximately R20- to R50 000 per month to approximately R50- to R100 000 per month for a 3 to 4-bedroomed family home.
The demand for short-term holiday rentals is also on the increase in Cape Town, so much so that tourists are struggling to find accommodation here for the summer season. DG added that while buyers are predominantly South African, they come from all corners of the world including African countries, Europe and the United States. DG said, Cape Town property has become increasingly desirable to many South Africans who are looking to relocate. DG Properties has sold over a Billion Rands worth of residential property since the beginning of 2014.
Author: Dogon Group Properties