Growing appetite for new developments and estate living in Hout Bay
Category Property News
Unlike most areas where development has slowed considerably during the past two years, it has been full steam ahead in Cape Town's Hout Bay where a number of new developments were recently completed or are currently underway.
Steve Thomas, Secure Estates and Development Specialist for Lew Geffen Sotheby's International Realty, says the demand for estate living in Hout Bay has risen sharply in recent years, precipitating a spike in ongoing development.
"Until about a decade ago, the Hout Bay property landscape was dominated by freestanding houses, but shifting buyer preferences and priorities have spurred a sharp increase in the development of secure estates and sectional title complexes.
"According to Lightstone data, by 2017 estate homes accounted for 20.24% of all the properties in this quaint harbour village, a figure which has risen to 22.13% in just two years.
"We now work with a number of estates in the area, from Hout Bay to Tokai, including highly sought-after Constantia Nek."
Alan Williams from Multidus, which is developing Nooitgedacht in a joint venture with The Nova Group, says the fact that this is their fourth residential project in the area is testament the growing popularity of Hout Bay among investors and home buyers.
"Over and above the inimitable lifestyle residents enjoy, Hout Bay offers a host of conveniences, from a central location with quick access to the Southern Suburbs and the CBD to a multitude of local amenities including schools as well as outdoor and leisure activities.
"And, compared to similar neighbouring suburbs on the Atlantic Seaboard, at around a third of the price, properties here offer excellent value for money."
Situated on the rural north western slopes of Hout Bay just over the rise from Llandudno, Nooitgedacht is a walled, secure estate offering plot-only, ready-to-build sites with services already installed, including a borehole and main ring and surfaced roads.
Fellow Secure Estates and Development Specialists, David Burger and Brenda Pretorius, say that the new boutique development of just 20 stands ticks all the right boxes for a broad range of investors, from young professionals to empty-nesters downsizing from high-maintenance family homes.
"Nooitgedacht's ideal north-facing position boasts stunning mountain views and, being plot-only with broad architectural guidelines to ensure aesthetic harmony, investors have creative latitude regarding the house design and the establishment of their own building budget.
"The plots are also very accessibly priced from R1.95 million (including VAT, no transfer duty) and, with six stands already sold, we expect keen investor interest after the launch."
With more new developments now offering plot-only options rather than exclusively plot-and-plan, Williams explains the reasoning: "There are numerous advantages to the buyer, not least the flexibility it affords them. They can start building when it suits them, usually within two years, and they can build more economically as they can obtain comparative quotes and use their choice of contractors.
"It therefore allows people to buy their dream property even though they may not be ready to make the move just yet and not feel pressurised or rushed."
Thomas says: "In the face of the emergent trend to move away from the city to enjoy a more sedate lifestyle, Hout Bay offers the ideal solution as residents enjoy a laid-back seaside village lifestyle with an old-fashioned sense of community as well as a quick, commute to the CBD and Southern Suburbs business nodes.
"And with more and more people becoming aware of its charm, residential development in Hout Bay looks set to continue."
Author: Lew Geffen Sotheby's International Realty