One of the country’s most sought-after millionaire suburbs with luxury apartments and villas, Camps Bay offers much for visitors too with beaches, hotels and access to mountain hiking.
Everyone wants a little piece of Camps Bay, where property is at the top end of the price spectrum. Even if one cannot afford to live there, the area offers plenty for visitors, from the gorgeous beach to a string of restaurants facing the ocean, with rugged Table Mountain range at its back.
“The appeal is simple. Living here is like being on holiday all year round and the fabulous lifestyle is simply unbeatable,” says Seeff agent Pola Jocum, who has operated in the area for about 37 years and has witnessed the transformation as older properties were upgraded or made way for fabulous new apartments and villas.
“Camps Bay is easily the most visited beach suburb in the country. To refer to the area as the Cape Riviera would certainly be apt,” she says.
It is one of the country’s most sought-after millionaire suburbs and offers superior status for property owners and residents, adds Nadine Jocum.
“It’s no surprise, given it is the country’s top holiday spot, ranks the highest in Airbnb searches, and is the most Instagrammed neighbourhood.”
It is also home to the highest number of homes valued at R20 million plus in the country.
“Camps Bay has continued to attract excellent activity this year. Although there has been an inevitable overall slow-down in demand, it has been the top performer in the super-luxury housing market,” says Pola.
Propstats data for the first half of this year shows Camps Bay has been the most active of the top end suburbs on the Atlantic Seaboard with 38 sales worth R585 950 000 at an average selling price of R15 419 737. This price is 12% higher compared to last year (R13.8m).
While still active, sellers should note that properties are now taking considerably longer to sell (220 days) and the average difference between the asking and selling price is 10.8%, Nadine says.
Despite the weaker economic landscape, of the nine sales above R20m recorded this year, four of them were to Gauteng buyers who paid as much as R23.5m (Strathmore Road), R24.5m (Camps Bay Drive), R27m (Victoria Road) and R30.35m (Glen Beach).
“Almost 75% of all sales this year were above R10m and the entry level price for a house is now R9.3m, almost double what it was just five years ago. Only two sales, both one-bedroomed flats, took place below R5m and only 24% below R10m, again mostly apartments,” says Pola.
Sectional title comprises just 20% of all sales and the remainder full title, including vacant land that sold for upwards of R7.4m for 507m² (Central Drive) to R12.5m for 1 411m² (Theresa Avenue) and R14.75m for 908m² (Fulham Road).
Sectional title property now has an average selling price of R11.7m, almost three times more than five years ago (R4.6m, 2012). Full title houses have sold at a phenomenal R18.4m on average, twice as much compared to five years ago (R8.7m, 2012).
The suburb is popular for holiday and residential rentals and tends to fetch excellent prices, especially over the high tourist season. “If you have not yet invested in Camps Bay, be sure to do so sooner rather than later. It is a fabulous suburb,” says Nadine.