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Rodney Hayter

Sotheby’s sells “highest priced apartment in South Africa”

(Cape property) A four-bedroom apartment on Clifton beach in Cape Town, has been sold for R34 million to a prominent UK businessman.

The 500 sqm sectional title unit sold by Gayle Bowey of Lew Geffen Sotheby's International Realty, Atlantic Seaboard, is in ‘Eventide’ on Victoria Road, Clifton.

The price, according to a Sotheby’s media release, is the highest price achieved for an apartment in South Africa.

Its features included a rim flow pool, jet stream, sauna, steam room, Gaggenau kitchen appliances, touch pad lighting and an impenetrable security system. The sale included four undercover parking bays accessed only by lift elevator.

Rob Stefanutto Director of Lew Geffen Sotheby's International Realty, Atlantic Seaboard, whose franchise concluded the sale this month, said this deal shows “a very apparent confidence in the market”.

“We are currently dealing with several buyers looking within this price range – the problem is sourcing these exceptionally up-market properties, on the beach, close to Cape Town’s CBD.

“There are probably around 50 properties that lead directly onto the beach along the Clifton, Glen Beach and Bakoven stretch such as this, making them exceptionally valuable and highly sought after.

Stefanutto says huge economic growth and infrastructural construction happening in the Western Cape is placing larger demands on the building industry than can be managed.

“In addition to the exponential costs of building, with many supplies having to be imported, skilled labour is in short supply and there is no more beach frontage available for development in the area. These factors add to the value of ready built properties,” he says.

“The partial weakening of the rand has also taken 30% off the cost of SA property for foreign buyers. International purchasers are now more attracted than ever to our market, which offers between 15-20% capital growth.

“And, although locals are not impressed by rental returns of between 4-8%, by European standards, this is an excellent return, linked to the high capital growth”.

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