Land sales outpace residential sales in Western Cape

Posted On Sunday, 22 December 2002 10:01 Published by
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Users are buying up houses to get land to develop in Cape Town

Sales of vacant land has outstripped residential sales in the past year in Noordhaven, just outside Cape Town, says local estate agent Karen Brookes, owner of Brookes Haywood Estate Agents.

'This must be the only place in the Western Cape where more land than houses has been sold in the past 12 months. Sixty-nine plots have been sold, compared with 49 residential properties sales during the previous year,' says Brookes whose company is a member of the 120-member National Referral Network.

Noordhaven and Belvedere, two of the Cape's newest suburbs, have seen a surge in the purchase of 1 000sq m plots ranging from R600 000 to R800 000 each, with a substantial amount of private residential building activity taking place.

Vacant land in Kommetjie, when you can get it, is also selling for a premium, says Jenny Nicholson, owner of Kommetjie Coastal Properties. She says plots of around 400sq m are selling for between R200 000 and R250 000 while those with slight sea views on around 750sq m start at R350 000.

Prime sites, set back from the beach and offering easy beach access, carry price tags of R850 000 or more, while beachfront stands are realising prices from R1.5 million to R1.8 million. 'There is very little land left to develop, so people are now starting to buy up existing houses for the land, and then demolishing them before putting up new houses,' says Nicholson.

Publisher: Sunday Tribune
Source: IOL

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