Demand booms for property in Green Point in Cape Town

 

Property buyers continue to flock to Green Point, driving up demand in this sought-after suburb, which is just minutes from Cape Town’s CBD, the V&A Waterfront and trendy De Waterkant.

Coupled with this, the average price of properties in Green Point, with its diverse range of freehold, sectional title and apartment offerings, has unsurprisingly continued to rise as buyers are prepared to pay a premium for homes in this rapidly evolving and vibrant area.

This is according to Alexa Horne, Managing Director of Dogon Group Properties, who says that Green Point’s location has made it highly desirable for younger buyers who don’t want the hassle of fighting rush hour traffic and want the convenience of city living right at their doors.

“We have seen robust demand for property in this suburb which has limited residential space available – as does most of Cape Town’s CBD.  This has given rise to high levels of interest in new developments within the area – as witnessed with the launch of a luxury development called 169 On Main, which is primely situated on the Main Road in Green Point.  169 On Main was only recently released on to the market and within a few short months more than half of the apartments have already been sold.”

“This is unsurprising given the buildings location, luxury design, and prices – with the apartments starting from only R2.6 million, VAT Inclusive, and with no Transfer Duty – making it possible for young professionals to purchase here,” says Horne.  “The development is superbly located in the heart of Atlantic Seaboard, within close proximity to the Waterfront, the historic Mouille Point Lighthouse, Sea Point Promenade, Green Point Urban Park, Virgin Active Gym, and the Metropolitan Golf Club – to name a few.”

This 11-storey building (developed by Abacus Development Company), which is located opposite Greenpoint Park, features 51 luxury apartments that range in size from 47 to 140 square metres – the majority of which feature balconies with views over Greenpoint Park as well as mountain views to the South.

“The building also features two large 3-bedroomed penthouse apartments on the upper levels which were sold almost immediately,” explains Horne.

And it is not just location that is drawing buyers.  For the low entry price, buyers at 169 On Main enjoy features such as oak flooring, stone counter tops, floor to ceiling windows and doors, full fibre connectivity and SMEG appliances.  “Added to this, 169 On Main boasts a communal rooftop swimming pool and sun terrace with spectacular views, private basement parking, a 24-hour concierge desk and security.”

Paul Upton, Head of Dogon Group Developments says that investors are assured of excellent returns on a property purchase within 169 On Main. “Globally, history has shown that rejuvenated city centres offer significant capital growth, plus there are fewer opportunities to purchase newly developed luxury property in Cape Town’s Atlantic Seaboard and 169 On Main truly does enjoy an unrivalled location.”

Upton says that developments on the Atlantic Seaboard in general have proven to be extremely popular as they are ideally located just a stone’s throw from Cape Town’s outdoor attractions such as V&A Waterfront, Lions Head, Clifton and Camps Bay beaches.    “Green Point is one of Cape Town’s most popular suburbs, offering a sense of community, security and a vibrant energy. Residents are able to take a stroll or cycle on the promenade, go shopping at the V&A Waterfront, sunbathe at nearby popular beaches, kayak with the dolphins, and enjoy a variety of trendy coffee shops, cafés and renowned restaurants – all within strolling distance.”

“Prices at 169 On Main start at R2,615.000, ranging up to R6.780 Million and include VAT, with no transfer duties.  In addition to this, a limited time offer is currently available which will see buyers qualify for a 5% fixed interest rate for the first 12 months of their bond loan (up to a maximum of 80% Finance of Purchase Price).  There are four fully furnished units available to view at 169 On Main for anyone that is interested in getting a true feel for this in-demand development,” concludes Upton.