With a host of amenities and an enviable location, Green Point property is attracting a wide mix of buyers including foreign investors.
Green Point is the new ‘it’ suburb of the Atlantic Seaboard and City Bowl area. From a sub-R5-R10 million suburb, Green Point is now increasingly topping the R10-R20 million-plus price range and its fabulous new luxury villas and apartments can reach rental rates of up to R90,000-R120,000 per month according to Ian Slot, MD for Seeff Atlantic Seaboard and City Bowl.
Smart buyers, investors and developers have been renovating, rebuilding and constructing fabulous new apartment complexes and luxury villas in the area over the last few years and this has lifted the profile of the area according to Ian Slot, MD for Seeff Atlantic Seaboard and City Bowl.
The village-like vibe of the suburb is akin to Manhattan’s Greenwich Village, the setting of the famous ‘Friends’ TV programme and you can almost imagine this taking place here, says Bryan Ginsburg and Hilary Biccari, sectional title specialists in the area.
Green Point sits on the border and is very walkable to the City Bowl and Atlantic Seaboard. You are barely two blocks from the Waterfront and close to the Sea Point Promenade and attractions of Main Road, say the agents.
Green Point, as with the surrounding areas, sits on the prime tourist belt and is therefore home to many guest houses along with the 5-star Cape Royale hotel. At just about any time of day, you can find a broad mix of residents, visitors and nationalities milling around the neighbourhood or enjoying a fabulous coffee or meal. It is the home of Harley Davidson and Somerset Road, the main thoroughfare, is lined with just about every amenity that you could want for including a host of eateries and hangouts.
Hot spots in the area include Beefcakes (although not technically in Green Point), Vida e Café, Jason’s, Bootleggers, Pigalle and more. You are also close to the attractions of De Waterkant including Cape Quarter.
The towering Cape Town Stadium remains a landmark in the area and hosts high profile events such as the Sevens Rugby, football matches and music concerts. Another, is the Green Point Urban Park which has a biodiversity garden and wide paved paths for walking and for children on bikes to safely navigate past each other. There are little ‘islands’ with shady trees and a variety of structures to rest or have a picnic. Other facilities in the area include rugby, tennis, golf, bowls and cycling.
The suburb attracts a wide mix of buyers including foreign investors according to Ginsburg and Biccari. It is also very popular for holiday and short-term rentals. Property options range from quaint Victorian-styled cottages to modern apartments uber-luxury villas that rival those of the Atlantic Seaboard. The Upper Green Point area offers fabulous panoramic views.
The suburb has seen price growth of more than 100% over the last five years. The latest Propstats data shows that freehold houses have sold for R8m-R14m this year and a sale was recorded above R20m last year.
Recently completed developments include The Warwick, The Beacon, Romney One, Chelsea on Main, The Chelsea and The Richmond. Based on recent sales, apartments have sold for on average around R5.1m in Chelsea on Main with a highest price of R13m while the Warwick achieved an average price of R4.3m and a highest price of over R12m according to Ginsburg and Biccari.
Generally, apartment prices range from around R35,000/sqm while those with views, security, renovations and parking, can sell for on average R45,000-R55,000/sqm.
