Camps Bay South Africa's priciest suburb for Real Estate

Buying a house in Cape Town's top end suburb still in demand by (foreign) home buyers

It appears that wealthy investors still have plenty of appetite for big-ticket properties with prices in some of SA's swankiest suburbs still rising at double-digit rates.

This is according to the latest data from real estate portal South African Property Transfer Guide (SAPTG).

The Atlantic seaboard suburb of Camps Bay saw average house prices surge by 56% over the past year to R7m in March 2008, up from an average sales value of R4.48m in March 2007.

That places Camps Bay as SA's most expensive suburb in SAPTG's monthly top 10 survey of highest average sales value achieved.

SAPTG's data, which is sourced from the Deeds Office, applies only to property transfers of up to R20m.

The survey is divided between suburbs were 10 or more sales are achieved per month and suburbs with less than 10 sales.

The Cape Town suburb of Constantia ranked second after Camps Bay as the highest-priced residential neighbourhood in SA (10 or more sales) with an average sales value of R 5.95m.

Posh golf resort Zimbali on KwaZulu-Natal's north coast claimed third spot in March, with an average sales value of R3.65m. That's growth of 21% in 12 months.

In the "less than ten sales" category, Cape Town again boasted the highest priced suburb in SA, with Fresnaye on the Atlantic seaboard taking top slot with an average sales value of R6.9m.

Excerpt from a report appearing in Financial 24, 08/04/08

Jared Gottschalk of the Alliance Group says they recently sold a "moderate" Camps Bay beachfront property to an upcountry buyer for R44m, proving once again just how strong demand for prime properties in this area of Cape Town still is.

Excerpt from Financial 24 08/04/08

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