A Clifton property has gone for a record R111 million sale, proving that wealthy buyers are still seeing Cape Town's top end real estate as a good investment.
Managing Director of Seeff Properties, Ian Slot said blue chip property locations such as the Atlantic Seaboard are a good store of wealth.
(Also read our article: Why more Joburgers are flocking to buy property in Cape Town)
The luxury Clifton home in Nettleton Road was reportedly sold to a Johannesburg buyer, but Slot said 60% of top end property investors on the Atlantic Seaboard are Capetonians.
Listen to the full conversation (with Mike Wills standing in) on The John Maytham Show:
Realistically, there are only so many properties in that area. It's the most sought after area in South Africa.— Ian Slot, MD at Seeff Properties
R1bn worth of R20m-plus trophy homes sales have already sold across the city for this year, most in suburbs such as Clifton, Camps Bay, Bantry Bay and Fresnaye.
The previous highest price for a house in the suburb was R60m paid for a Nettleton Road property in 2010.