When it comes to real estate dreams, waterfront properties possess a timeless allure that captivates homebuyers who are not only drawn by their stunning views but also the unique lifestyle they offer.
So says Arnold Maritz, Co-Principal of Lew Geffen Sotheby’s International Realty in Cape Town’s Southern Suburbs and False Bay, adding that the prime location of these homes can also significantly affect their value, making them a sought-after and prestigious investment.
“Cape Town is blessed with abundant natural beauty and a long stretch of coastline and, for many locals the goal is to eventually move closer to the water, but for upcountry and foreign buyers, this is often the holy grail which has driven prices up in many areas such as the Atlantic Seaboard.
“However, some areas like the False Bay coastal strip, flew under the radar for many years but this is now starting to change as more and more buyers are realising the unique appeal and comparable value the region still offers.
“It also boasts a very wide property selection to suit most budgets and each suburb has a unique charm. For instance, in Muizenberg which is known as surfer’s paradise, it’s still possible to buy a six-bedroom family home with a pool situated only a short stroll from the beach for R6.5 million.
“And at the other end of the scale, horse lovers can buy an equestrian estate in Noordhoek for R22m or a modern designer home in a secure estate with ocean views for between R5m and R30m. And in between lies a whole other range of options and characterful suburbs, from Imhoff’s Gift, Kommetjie, Scarborough, Simon’s Town and quirky Fish Hoek to aspirational St James.”
Marina da Gama near Muizenberg and Lake Michelle in Noordhoek also offer sought after waterfront properties in the South Peninsula.
Maritz says that there are a number of factors which contribute to the desirability and value of properties on or near the water:
- Natural Beauty and Tranquillity:
Waterfront properties usually offer stunning views and a sense of serenity that is hard to replicate. The shimmering expanse of a lake, the rhythmic waves of an ocean, or the gentle flow of a river provide a constant connection with nature, creating calming environment.
- Recreational Opportunities:
Proximity to water opens up a wide range of recreational activities, including swimming, boating, fishing, kayaking, paddleboarding, and other water-based sports. These activities not only provide entertainment but also contribute to a healthy and active lifestyle.
- Status and Exclusivity:
Waterfront properties have long been associated with prestige and exclusivity. Owning a waterfront home is often considered a symbol of success and accomplishment and the limited supply of these homes adds to their allure, making them highly sought after by those who value luxury and uniqueness. Waterfront living also offers a sense of privacy and seclusion, creating a sanctuary away from the hustle and bustle of city life.
- Potential Investment Value:
The limited supply of waterfront land, coupled with high demand, can lead to significant appreciation in property values over time. Waterfront locations tend to be highly desirable and attract affluent buyers, which can positively impact the resale value of these properties. Additionally, waterfront homes often serve as vacation rentals, generating income for owners when not in use.
However, Maritz advises that from an investment perspective, several factors come into play when determining the value of a waterfront property and buyers should take the following into consideration when looking to buy in these areas:
- Location: The location of the waterfront property significantly influences its value. Proximity to popular amenities, attractions, and vibrant city centres can increase desirability and value. Additionally, factors such as water quality and the overall appeal of the surrounding area play a role in determining value.
- View and Frontage: The quality of the view and the amount of water frontage impacts a property’s value. Unobstructed views of the water, whether it’s an expansive ocean vista or a tranquil lakeside panorama, command a premium.
- Water Access: The ease of access to the water is a crucial factor. Properties with safe and convenient access for activities like boating or swimming tend to be more desirable and therefore have higher value. Direct access to the water, such as private beaches or docks, also add value.
- Property Condition and Amenities: The condition of the property and the presence of amenities also affect its value. Well-maintained homes, modern features, and luxurious amenities like pools, spas, or boat slips can enhance the value of waterfront properties.
- Market Demand: The overall demand for waterfront properties in a particular area plays a significant role in their value. Popular areas with high demand, limited supply, and a strong market for waterfront homes are likely to have higher property values.
- Climate and Seasonal Variations: Waterfront properties in regions with milder climates and extended warm seasons tend to have higher demand and value.
“Ultimately, waterfront real estate offers the very appealing combination of an exceptional lifestyle and a sound investment long-term opportunity,” concludes Maritz.
Their desirability and exclusivity make them a wise investment choice in all market conditions, as they tend to hold their value and even outperform properties located further inland.”