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Bringing the jingle, jingle to Camps Bay home sellers

Category Cape Town Property

The Camps Bay/ Bakoven area is, of course, one of the most desirable addresses in Cape Town - which is the "Best City in the World" according to both the recent Telegraph readers' poll and the influential Travel+Leisure magazine's World's Best 2018 survey earlier this year.

And since July, there has been an increase in property sales in these exclusive Atlantic Seaboard suburbs, says Devin de Moyland, the area specialist for Chas Everitt Luxury Portfolio*, who has notched up six sales worth a total of more than R71m in the past five months.

"Earlier in the year, buyers were hesitant due to extreme water restrictions in Cape Town and uncertainty over the government's land expropriation plans. But then we had good winter rains, the land fears subsided and things began to turn around for property sellers here.

"We saw that astute investors were starting to move in and buy up properties, including some that had been on the market for many months, in anticipation of a rise in prices as the supply of homes for sale dwindled and the annual seasonal influx of international buyers gained momentum."

However, he notes, the number of sales in Camps Bay and Bakoven is never very high, because there are only about 2400 freehold and sectional title homes here in total, with minimal space for new development, and because existing owners tend to sell very reluctantly. Indeed, according to property data company Lightstone, only 102 transfers were registered in these suburbs for the whole of 2017, and only 62 have been registered so far this year (some of which were from sales actually concluded last year).

"Consequently, we are very pleased with the relatively large number of sales we achieved in the five months to end-November."

According to PropStats, the record of sales transactions prior to registration that is maintained by the Western Cape Institute of Estate Agents, there were only 14 sales concluded in Camps Bay and Bakoven between July and November this year in addition to the six concluded by De Moyland (one of which was in association with another agency). The figures also show that the total value of all these 20 sales was around R256m.

"This means that the Chas Everitt Luxury Portfolio transactions accounted for some 40% of Camps Bay sales by volume and almost 28% by value during this five month period," says De Moyland, "which just goes to show what the power of a truly global brand can achieve when combined with real local expertise and a positive outlook."

The six homes he sold include five freehold properties at prices ranging from R8,2m to R17,15m and a luxury sectional title apartment at R4,7m. The listing periods ranged from five days to almost two years. Five out of the six purchasers paid cash, and four out of the six are South Africans.

*Chas Everitt International is the SA affiliate of Luxury Portfolio International©, the luxury real estate division of Leading Real Estate Companies of the World©, a global network of more than 560 premier property brokerages in over 200 countries. The LuxuryPortfolio.com online platform reaches three-million of the world's most affluent property buyers and investors, who purchase more than 50 000 high-end properties a year.

Issued by Chas Everitt International

Luxury Portfolio Division

For more information contact

Berry Everitt on 011 801 2500

Or visit www.chaseveritt.co.za

Author: Meg Wilson

Submitted 29 Dec 18 / Views 261