Global Courant
Main image: Sotheby’s International Realty
Camps Bay has established its reputation as one of Cape Town’s most desirable suburbs, known for its appeal to movie stars, as a holiday home retreat for the rich and famous, and as a much-loved summer destination for locals. With its award-winning beaches and prime location, it has become an attractive prospect for buyers from all over the world.
With the supply of homes for sale dwindling, astute investors are jumping at the opportunity to acquire property in Camps Bay anticipating a price hike. While the majority of local buyers come from other provinces as part of the influx of migrants to the Western Cape, foreign investors are also flocking to Camps Bay. They are attracted by its prime location, luxury properties and excellent value for money compared to comparable real estate options in other countries.
Foreign investment in Camps Bay had a significant impact in the early months of 2023. Four properties totaling R54,900,000 were purchased by foreigners in January. Foreign investment rose to R90,850,000 the following month, and in March two buyers – one from Germany and one from the Netherlands – invested a further R62,350,000 in the area.
“So far, sales figures for 2023 indicate that demand for the Atlantic coast, particularly suburbs such as Camps Bay, is expected to remain strong.” According to Andi Ashton, an area expert and sales agent for Dogon Camps Bay, “The increasing migration trend and continued foreign investment are making for another very successful year.” “The real estate market in this picturesque suburb continues to soar, with home prices rising despite a scarcity of available homes.” Looking ahead to the first half of 2023, sales look promising, while available stock is shrinking.”
According to the 2023 Africa Wealth Report, more than 40% of South Africa’s million-dollar homes are located in Cape Town’s ‘Prime 7’ suburbs, including Camps Bay and other Atlantic Coast suburbs such as Bantry Bay, Clifton and Llandudno.
A look at Dogon’s current Camp Bay ads confirms this trend. A magnificent 5 bedroom, 5.5 bathroom home, priced at R100 million, is a standout property on the market. Set on two lots with a spacious landscaped garden bordered by a greenbelt, this luxurious architectural masterpiece boasts features and views to match its price tag. Private terraces and balconies, Jacuzzi, swimming pool, wine cellar, gym with sauna, solar energy capabilities, borehole, staff accommodations and more are among the notable features.
Buyers can snag a 4-bedroom, two-storey mansion in Camps Bay for R18.5 million, featuring lavish living rooms and sweeping ocean views through expansive floor-to-ceiling sliding glass doors that open onto an outdoor terrace and swimming pool. A second kitchen, an extra lounge and a large garden with a second patio are also part of it.
“While prices in Camps Bay are undeniably high, demand for reasonably priced properties is equally strong and options available in the area are limited.” “At the moment it’s a matter of ‘snooze and lose’,” advises Ashton, who emphasizes that the real estate boom is not limited to Camps Bay. The rest of the Atlantic coast continues to see strong buyer demand, meaning another prosperous year is ahead.
According to Horne, now is a good time if you’re considering selling your home, as there’s a high demand from buyers and limited inventory available, which can get you top dollar for your home. If you are considering buying, do so as soon as possible. Asking prices are rising, available stock is shrinking and Camps Bay and the Atlantic Seaboard will undoubtedly remain popular in the long term.
