Currently its a sellers market when it comes to buying property in Cape Town and in particular the Atlantic Seaboard area which includes the suburbs of Clifton, Bantry Bay, Sea Point, Camps Bay, Green Point and Mouille Point.
Our client made contact while he was in Cape Town on vacation, he had been looking for an investment property in Cape Town for the past 12 months and could not find anything that matched his requirements. He was referred to us by an ex client as he needed the guidance and reassurance that he had someone representing his best interests, helping him find the best property in the best location at the best price.
Our brief to find an investment apartment , 2 bedrooms, modern, offering good capital appreciation and a great rental return. Within 6 weeks of retaining our services our client flew back into Cape Town to view our shortlist.
Due to the shortage of property on the market we had to use our network to source great property that was not officially on the market. half of our shortlist of 8 properties were not officially on the market.
Ultimately we had a shortlist of 8 properties to view, but by the time the client arrived 3 of the properties were sold, such is the dynamic nature of the market. Fortunately our client really liked the Green Point apartment that we believe was the best option.
A stunning 2 bed ground floor 193sqm modern apartment in the Odyssey building Green Point, just across the road from Green Point park and world cup stadium. 5 minutes walk to the shops and restaurants and 10 minutes walk to the beach. The building is only 2 years old, has 24 hour security, loads of parking and a roof deck with a swimming pool and terrace.
There was already and offer on the table for the apartment, however we used our knowledge and negotiation skills to knock the other offer off the table, and the seller accepted our offer on the same day.
We believe we sourced the property slightly below the market value at 5.7 million rand . Rental return will be good at 35k a month and we should see double digit yearly growth in this building as demand exceeds supply.
A happy client with a great investment property in Cape Town.