The property market within Cape Town’s V&A Waterfront remains stable despite the trends seen in other upmarket areas where prices have seen a marked drop.
This is according to Dogon Group Properties who confirm that whilst property turnover in the V&A Waterfront has slowed down with few sales occurring, the prices stay stable.
“Properties within the V&A Waterfront have only decreased by approximately 10% and many are still holding their value. Desperate sales simply don’t occur,” says Natacha Neuburger and Karen Rubin, Dogon Group Sales Agents for the area. “Property prices per square metre within the Marina have dipped by a small degree from R95 000 per square metre to approximately R85 000 per square metre but this is more a case of prices equalizing after a period of rapid and unsustainable growth, rather than a case of devaluing.”
Growth at the V&A Waterfront over the past 10 years has been phenomenal and is set to continue once the market starts to improve. The V&A Waterfront has been voted as one of the most successful Marina’s in the world and it is not surprising that properties here are in demand. Not only are they situated in a prime location on the waters edge, close to the CBD, with easy access to restaurants, shops, coffee shops, bistro’s, beaches, cinemas, state-of-the-art gyms, museums and an abundance of lifestyle pursuits, but they also offer private boat moorings and are strictly governed by body corporates and a very efficient and well managed Home Owners Associations who ensures that the properties within the Marina are maintained and run to the highest standards with world class security.
Neuburger says that for many V&A Waterfront property owners there is the added allure of having a rental property that experiences high demand for short term holiday and business lets from international clientèle who book through rental agents and hospitality firms. “This means that a property investment within the Waterfront works for the owner when they are not in residence.”
“Many international celebrities, film crews and high net worth individuals who visit Cape Town choose to stay at apartments within the V&A Waterfront as the area offers the best of Cape Town, coupled with privacy and state-of-the-art security – some of the best security in South Africa in fact.”
“The whole of the Waterfront precinct continues to expand, with exciting new developments such as the award winning Silo’s District, with its renown Zeitz Mocaa art museum and Lindt Chocolate Studio as examples of the standards to be expected in the area. It is attracting high net worth individuals and young corporate professionals and is fast becoming a hub for the financial sector. We do not anticipate the popularity of the V&A Waterfront to abate any time soon,” says Rubin. “Despite the downturn of sales, Dogon Group continues to have enquiries.”
Dogon recently sold a 1 bedroomed apartment in one of the newest blocks of the Waterfront Marina, Juliette, for R6 million. This special apartment offers a spacious en-suite bedroom and ample living area, both rooms lead out onto a large veranda overlooking the beautiful Marina canals.
This secure estate consists of 500 dwelling units with over 200 boat moorings found in the heart of the V & A Waterfront. Nestled between the prestigious Cape Grace and One and Only the estate offers convenience and ease of living. State-of-the-art security is a major feature of the development with full perimeter security, electric fencing, CCTV, access control at all security entrances and video monitoring from your apartment and lobbies.