Property prices pre-2010 on Atlantic Seaboard soaring.

A recent article on a local newspaper describes the soaring prices of property along the Atlantic Seaboard and City Bowl of the Western Cape. On average, a house price rose 23% from January 07 and 21% in February 06. What is also interesting, is that an average house took 105 days to sell while an apartment took 71 days. This compared to only 37 days in 2004. Total sales of residential property in the City Bowl amounted to R160 milllion, up from R96 million in January 07. Amazingly a Bantry Bay apartment sold on the day it came on the market for R78 370 a square metre! That.. just to mention was for three bedrooms, a reception room, four bathrooms and two parking bays! A four bedroomed home in on fourth beach- Clifton had been on the market for R25 million for 500 days until a British buyer snapped it up with a R20 million offer. It will be amazing to watch the property do its thing in this area after the World Cup 2010… yet astoundingly, South Africans are still the majority home owners in these areas!

atlantic_seaboard.jpg

                                             Camps Bay – A popular tourist destination

Tags: , , ,

Advertisements

Comments are closed.