Property Demand Outstrips Supply in Character-filled De Waterkant

The popularity of property in De Waterkant, on the fringes of the centre of Cape Town, is booming

More and more people are seeking to live close to work, shortening their commuting time and cutting down on transport costs.

The result is a resurgence in popularity of suburbs situated on the fringes of the central Cape Town city area.

De Waterkant is no exception, and Pam Golding Properties reports that the demand for homes in the suburb is far outstripping supply.

De Waterkant has enjoyed a reputation as a trendy and artistic environment for over two decades now – predating the rejuvenation of the CBD and even the development of the V&A Waterfront.

However, its past is far less chic, with the area having housed many of the city’s most marginalised communities throughout the colonial era and well into the 20th century.

The cultural melting pot that resulted is evident in the varied architectural styles and character-filled buildings, which include elements of Georgian, Cape Dutch and Asian design.

The steep cobbled streets are now home to an eclectic mix of old and new residential and commercial buildings, with lock-up-and leave homes nestling side by side with small delis, coffee shops, décor stores and restaurants.

There has been much sensitive renovation, strictly controlled by the Heritage Council to preserve the area’s character. Today, the suburb retains its rich cultural diversity, and has a cosmopolitan vibe popular with locals and tourists alike, and beloved of the media, the artistic set, design fundis and the gay community.

PGP’s MD for the Western Cape metro region, Laurie Wener, says it is no wonder that the area remains consistently popular: “For young singles and professionals, it is ideally placed,” she says, “offering quick access to the city as well as to the N1 and N2.

The intimate restaurant culture coupled with a peaceful residential atmosphere is unique and also hugely appealing to this market, while the historic and traditional aspects of the suburb attract continued interest from foreign buyers.

We also see a fair number of buyers who purchase holiday homes here, and then let them out on short-term rentals during the year to generate additional income.

Another huge draw-card is the Cape Quarter shopping centre, which is currently being extended, and which offers a mix of upmarket shopping, dining and entertainment options.

The V&A Waterfront is also just a stone’s throw away, as is the Mouille Point promenade, and the area’s many rooftop terraces offer some truly spectacular views of the harbour area, the CBD and Table Mountain.”

PGP’s area manager for the Atlantic Seaboard and City Bowl, Basil Moraitis, says one can obtain sectional title apartments in De Waterkant from around R1.6 million for a compact one-bedroomed unit with undercover parking.

Top-end apartments in newer buildings like The Rockwell and Harbour Edge, can fetch as much as R5 million.

Entry-level houses and cottages start at around R1.2 million, going up to as much as R8.7 million for larger homes.

Some of the semi-detached and double-storey homes in the suburb date back as far as the 19th century, but most have been creatively renovated to modern standards.

An extremely active residents’ community is involved in monitoring and maintaining the unique character of the area.

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