New benchmarks set in Cape Town property market

Cape Town’s luxury waterfront apartments are setting new benchmarks amidst high demand with a significant volume of high-value sales over the last two years. The market is buoyant with many units selling as soon as they are listed, and waiting lists of buyers and investors, says Ross Levin, licensee for Seeff Atlantic Seaboard and City Bowl.

The demand is driven not just by local Cape buyers but also by buyers from Gauteng and KZN, as well as international buyers investing more in property here. Sectional titles, predominantly apartments, make up about 76% of the units sold across these two areas since the start of last year, generating R6.1b last year, and already stand at R1.5b this year.

The average selling prices are slightly up, and units are selling much faster this year, achieving better prices, he says. Over half (55%) of the Atlantic Seaboard sales were concluded within a month, and in the City Bowl, about 71% sold within a month, many within a day, he says. Sellers are achieving on average, about 5.5% below the asking prices, but almost two-thirds (63%) of Atlantic Seaboard sellers, and 76% of City Bowl sellers are achieving prices at or closer to the full asking price.

Notably, about one third of the value has come from just 49 high-value sales over R20m. The majority of these were purchased by local Cape buyers along with buyers from Gauteng and KZN. Just under one third (28.57%) were to international buyers, mostly from the UK, Germany, USA, Switzerland, Canada, and Poland.

Scarcity and an uptick in tourism and desire for Cape Town’s lifestyle is fuelling the demand. It is now regarded as the premier coastal destination, offering spectacular beaches and oceanfront living with top restaurants, luxury retail, postcard views, tidal pools, and walking and cycling areas just minutes from your front door.

The Waterfront in particular has seen a record R781m in sales in 2025, and already stands on R314m this year.

The Waterfront Marina is one of the most popular developments, offering an unparalleled lifestyle with privacy, green spaces and amenities such as swimming pools and gym access and spectacularly located apartments on the canals and Front Yacht Basin. There are currently a handful of spectacular listings on the market ranging to R55m.

Demand for Granger Bay and Mouille Point has also surged, with sales of up to R25m in Two Oceans Beach and R23.5m in Thermopylae, both oceanfront locations.

Bantry Bay is another high-demand area with high-value sales in Bantry Rocks (R31.5m), Bantry Place (R31.5m) and The Aurum Presidential Suites (R65m).

In Clifton, high-value sales in Clifton View (R24.5m, R24m) and the spectacular Clifton Terraces for R39.5m.

High-value sales in The Rubrik in the CBD went for R26.7m and R22m, respectively. While just under half of all sales in the CBD were under R2m, about a dozen sold for over R5m, mostly in the new-builds such as The Rubik. Although 75% of City Bowl sectional titles sold for below R3m. Levin says there has been a notable uptick in high-value sales over R10m.

Levin says this sector of the market has delivered outstanding capital growth and returns for investors, offering a strong investment proposition for local and international buyers and investors. Tourism growth is a tremendous boost for the market

Issued by Gina Meintjes