Wealthy property buyers retreat
House prices in Sandton surpass those on the Atlantic seaboard as luxury sales in the Mother City dry up
The highest price achieved for a residential property in Cape Town for the year to date is believed to be "only" R26m. That’s what a swanky V&A Waterfront penthouse with a wraparound terrace and private pool recently sold for.But it’s a snip of the R50m-plus well-heeled buyers were regularly forking out a year or two ago for a Waterfront pad, arguably one of the Mother City’s most prestigious residential addresses.It’s also significantly below the record R85m a foreign buyer paid late last year for a "modernist villa" in Higgovale, and nowhere near the R90m-plus estate agents were achieving for über-luxury properties on the Atlantic seaboard between 2015 and 2018. In fact, sales above R20m have seemingly all but dried up in Cape Town.Dogon Group Properties, the Atlantic seaboard-based company that sold a palatial seven-bedroom house in Bantry Bay for a staggering R290m to a German couple in 2016 (the highest price ever paid for a residential property in SA), has only clinched two sa...
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