Are new developments along the Atlantic Seaboard meant for you
People gush about the Atlantic Seaboard and the wonderful lifestyle to be enjoyed along this stretch of Cape Town’s coastline. Very little has changed, excepting that properties located here continue to increase in value and become more desirable. It’s almost a chicken and egg scenario. Which happened first? Is it the demand that drives prices upwards, or is it the popularity that increased demand, resulting in less supply and therefore increasing prices?
Whatever the case may be, living along the lovely, scenic Atlantic Seaboard remains the aspiration of many South Africans, as well as buyers and investors from abroad. At some stage, and at the current rate at which new developments are being established along the Atlantic Seaboard, open land that’s suitable and approved for development will run out.
When this occurs, prices of properties in any of the Cape suburbs that lie along this coastline will skyrocket. That’s virtually guaranteed and it’s not as though prices and values have been stagnant, not even during lean economic periods.
If you’re of a mind to move to the Western Cape permanently, buy a holiday home there, would like to retire in such a stunning setting, or you’re a property investor, seeking a property in a new development that will give you a viable return on your investment, you may want to consider the Atlantic Seaboard.
The sooner you make your purchase or investment, the better for you and your pocket. The longer you wait, the more you’ll be expected to pay, and if you don’t, another will – gladly, because this coastline represents the height of first-class, universally sought-after South African prime property.
You should also keep in mind that most of the new developments along this stretch of coast are apartments, many of them high rise or multi-storey, a building style that maximises land use and occupation, while affording residents the best, most panoramic views. Of course, the latter aspect is important when near to or facing the ocean, in this instance, the mighty Atlantic.
New versus existing developments
There are pros and cons to the question of old vs new developments. However, if you’re aware of these, you’re in a better position to make an informed, rational decision that best suits you and your priorities. You should not be alone in your seaboard property dealings either.
Fine & Country South Africa, our prestigious estate agency, specialises in luxury properties and developments in affluent areas, and we exist to assist and guide you through every stage of your property transaction, and if necessary, beyond too.
New developments cost more per square metre than existing buildings do. Labour and construction materials cost more now than they did previously, so logically, the cost and selling price applicable to a newly developed apartment will be higher.
Many new developments sell off-plan or with one unit completed as a show home, since some people struggle to visualise a completed home and its dimensions when looking at an architect’s drawings. The advantage of purchasing from the developer (with the guidance of a Fine & Country South Africa agent) in a new development is that you save on transfer duties, for which you’re not liable in this instance. Transfer fees on a luxury property can be on the hefty side; not being liable for these costs may provide you with additional funds to spend elsewhere in your new home.
Whatever snags and setbacks that may have occurred when an existing property was built, have already occurred, unlike those that can and do occur during the construction process of a new build. However, purchasing in a new development allows you to select interior finishes. There’s no need for costly renovations.
With Fine & Country South Africa at your side, acquiring your new development or existing property should be an Atlantic breeze – not a notorious gale.