Record breaking Clifton apartment: Here is how much it sold for — report
The lifestyles of the rich and the famous have no better setting than the opulent streets of Clifton.
To rubber stamp the suburb's position as the premier location for wealthy property owners, a record-breaking purchase was been sealed.
Cape Town's property market continues to thrive, with industry experts attributing the city's appeal to its overall 'value proposition'.
Luxury Clifton home
A five-bedroom apartment along Clifton's 1st Beach has reportedly just been purchased for a whopping R145 million.
The property is furnished with the highest quality finishings and offers the mesmeric views of the ocean that are synonymous with the Atlantic Seaboard.
Lance Cohen of Lance Real Estate secured the deal, revealing that the buyer was a former South African living in Monaco.
Cohen told the Sunday Times that the sale represented the 'record for the highest price paid for an apartment sold in South Africa,' claiming the previous record was R120 million.
The average asking price of homes currently on the market in Clifton range between R30 million and R60 million, making this sale an eye-catching purchase.
Other properties currently being marketed by Cohen include a six-bedroom house in Fresnaye for R75 million and R95 million four-bedroom house also located in Fresnaye.
Cohen could break his Clifton record again if a five-bedroom house currently for sale sells for its asking price of R160 million.
Cape Town very attractive
While the sale may represent the highest paid for an apartment, South Africa's most expensive home was reportedly sold for roughly R700 million in 2023.
Known as Casablanca, an eight bedroom and 13-bathroom Camps Bay colossus is believed to have fetched a cool US$35 million.
The Residential Property Price Index released by Stats SA earlier in June shows Cape Town over 10 index points higher than Johannesburg.
For first time property sales and resold properties, Cape Town is ahead of Johannesburg by almost 15 and 13 index points, respectively.
Cape Chamber of Commerce and Industry CEO John Lawson credits this to the Mother City's overall functionality.
'The gaping disparity mirrors a similar trend in municipal infrastructure development and service delivery, with property investors favouring Cape Town's value proposition,' stated Lawson.
NOW READ: 8 tips for investing in South African commercial property
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