Property prices have appreciated by 165% over the past decade at The Victoria and Alfred Marina, according to Lightstone statistics, and the median price of apartments sold in the Marina have soared from R9,75m last year to a massive R15,9m thus far this year, based on 19 sales.
Apartment prices vary between R6,895m and R69,5m, with the front Yacht Basin homes fetching up to 30% more than the canal-facing units.
“The development started selling units in 2000 and since then, the Canal apartments and Yacht Basin apartments have shown nominal returns of 360% and 455%, respectively,” said Mariël Burger, Pam Golding Properties agent for the Waterfront and Mouille Point. “While there have been fewer sales thus far this year, the prices of apartments here continue to show robust growth that appears to be impervious to the market slowdown being seen elsewhere on the Atlantic Seaboard and in the Cape metro’s property market as a whole.”
One of these prime Marina properties, at Pinmore, is currently listed by Pam Golding Properties for R65m.
“This exquisite residence occupies an entire floor of this sought-after complex, offering luxury accommodation of vast proportions,” says Paul Levy, Pam Golding Properties agent for the Waterfront and Mouille Point. Other features of this unique 400m² home include communal pools and a gym, as well as controlled access security and three parking bays.
In the first six months of the year (January to June 2018), there were nine sales at the Waterfront marina and even the older apartments, of 10 years and more, have sold for upwards of R7m because of their considerable investment potential, says Pam Golding Properties agent, Kim Bailey. A 16-year-old apartment in Parergon on Quay Road sold for R20m, boasting R121,000/m².
The average number of days that apartments in the Waterfront are listed before being sold underlines the demand for these properties. An older unit in Gulmam, on Dock Road, sold within 15 days of being listed, while an apartment in Dock Road, was sold for R8,28m in less than four weeks. According to Propstats data, Marina apartments sell within two months, which is well below the FNB estimate of a national average of four months, or 16 weeks and four days, during Q2 2018. Only two of the sales this year required a bond and almost all of the apartments were bought by South Africans.