THE opening of the new Cape Town International Convention Centre has given fresh impetus to the property market in the nearby Waterfront and Atlantic Seaboard area. "We recently sold R57 million worth of property in this area in just two months, which indicates the high level of interest," said Pam Golding Properties' area manager Laurie Wener. "These included two freestanding houses in Bantry Bay which sold at R6.95 million and R10.8m, as well as apartments and penthouses in the Waterfront itself, ranging between R3m and R10m. "While the peak selling period for this area tended in the past to be over the summer months of November to January, the Convention Centre could well change that trend for good." Wener feels the opening of the Convention Centre is certain to increase year-round demand in this area. "It's already established a new sense of trendiness and excitement about the area, with a distinctly international feel. Plus the centre opening its doors means that hordes of international visitors will be coming into the Waterfront, and we all know that once they've seen it, they are going to want to own a piece of it. So there is a sense of urgency among local buyers to snap up these properties while there are still some available for purchase. Once the conference delegates start flocking in, Waterfront properties look certain to be in short supply!" The convention centre already has bookings into 2014, including conferences, corporate events, trade fairs, consumer shows and private functions. These range from prestigious medical gatherings such as the 14th International Conference of Anaesthesiologists, to a gathering of the Anglican church's top officials, the Lambeth conference, which will take place in 2008 in Cape Town - the first time ever that it will be held outside Britain. Events such as these will see thousands of delegates flocking to the city, sometimes for as long as three weeks, and often during the traditionally quiet winter season. Tourism officials say conference tourism tends to peak in June, July and August, meaning that Cape Town's so-called "Secret Season" may not be a secret for very much longer. And the spin-offs for the property market are sure to be significant. At the same time, there is a sense of Capetonians wanting to take ownership of their city, and Wener says they are backing its revival with their money. "The demand for city residential property outweighs supply at present, so prices are rising and quality properties are at a premium. This is a very discerning market. They are prepared to spend on quality, and so properties close to the hive of activity that the convention centre is becoming, are sure to continue to fetch top dollar," Wener said. Among the most properties currently being marketed by PGP is a corner unit in the Bannockburn complex in the V&A Marina. The fully-furnished 180m2 apartment is on the market at R4.95 million, and includes parking for two vehicles as well as a storage area. The three bedrooms offer views over the harbour, while both bathrooms have underfloor heating. Most spectacular of all is the spacious terrace which looks directly on to the canal connecting the Waterfront and the convention centre.
Publisher: Weekend Argus
Source: Weekend Argus
Convention centre boosts property market
Posted On Monday, 01 September 2003 02:00 Published by eProperty News
Impetus: international drawcard expected to increase year-round demand in Waterfront area.
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