Seeff Property says the surge in high-end sales has been fuelled by a shift toward downsizing for convenience, coupled with strong demand from both local and international buyers.
Licensee for Seeff Atlantic Seaboard, Ross Levin, said the trend is evident in the 30% jump in the number of apartments sold for over R20 million this year compared to 2024.
“Some 22 apartments priced above R20 million have sold so far this year, compared to 17 over the same period last year,” Levin said.
“The Waterfront leads with eight sales, followed by Camps Bay with four, Clifton and Mouille Point with three each, and Bantry Bay and Granger Bay with two each.”
Levin noted that high-value transactions are increasingly spreading to areas such as Mouille Point’s Beach Road and Granger Bay’s prestigious Waterclub.
Across the Atlantic Seaboard, 329 apartments have changed hands this year across all price brackets, totalling R2.4 billion in sales at an average price of R7.2 million, 14.2% higher than last year.
The average rate per square metre has also climbed to a record R170,000, up from R160,000 in 2024. Only 7.7% of sales are now below R2 million, mainly in Sea Point, Green Point and Mouille Point.
Levin said the coastline is now likened to Monaco for its scenic location between mountains and the sea and cosmopolitan lifestyle, with high demand and limited land space.
“This scarcity is driving apartment prices to new highs, particularly those with waterfront locations or exceptional views.”
This year’s record was the R65 million sale of an apartment in Bantry Bay’s Aurum building. Other notable transactions include six sales at the Waterfront, ranging from R22 million to R40 million.
Areas seeing record per square meter prices
The market’s appeal draws a mix of semigrating South Africans from Gauteng and KwaZulu-Natal, international buyers from Germany and the UK, and investors chasing Cape Town’s thriving Airbnb market.
“The Atlantic Seaboard and City Bowl remain top choices for Airbnb, offering high occupancy and attractive returns,” said Levin.
The Waterfront, in particular, is facing a shortage of stock. “Listings are at their lowest in more than a decade, especially under R15 million,” added Kim Bendall Bailey and Finella Botes from Seeff Waterfront.
Apartments now sell for over R130,000 per square metre, with prime Front Yacht Basin units fetching R20 million to more than R40 million.
At the Waterclub in Granger Bay, prices start from R120,000 per square metre, with some apartments exceeding R20 million.
Mouille Point is most active in the R7 million to R10 million range, with prime buildings starting from R70,000 per square metre.
Two apartments here have crossed the R20 million mark this year. In Camps Bay, sectional titles are popular for Airbnb or as holiday homes.
“Stock under R8 million is scarce and sells almost immediately,” said Seeff agents Lyn Pope and Edith Marsh. “Properties priced above R18 million are actually performing better.”
Bantry Bay remains a hotspot for trophy sales. Adrian Mauerberger and Bryan Ginsburg from Seeff Atlantic Seaboard, who brokered the R65 million Aurum deal, said stock shortages are also pushing up rates.
Sea Point prices have surged to R60,000 per square metre from R45,000, while Bantry Bay waterfront apartments now command R70,000 to R150,000 per square metre.
Recent deals include R45 million and R50 million sales, R120,000 per square metre at The Bantry, R115,000 per square metre at The President, and R100,000 per square metre at Station House in Fresnaye or Sea Point.
The mid-market is also just as competitive. Hilary Biccari and Lolly Unterslak from Seeff Atlantic Seaboard noted that apartments in the R2.5 million to R5 million range are flying off the shelf.
An example of these in-demand luxury properties is shown below. The front Marina apartment is located in Pinmore.
Waterfront luxury apartment — R45 million
