Cape Town’s luxury property market is booming, with more people looking to buy homes along the coast.
In a deal that shows just how popular the city has become for top-end buyers, world-famous DJ and producer Nkosinathi “Black Coffee” Maphumulo has bought South Africa’s most expensive home this year.
A company owned by Black Coffee bought The Pentagon, a five-level villa in Nettleton Road, Clifton for an impressive R157,5 million.
Nettleton Road is known as the most expensive road in the country.
The 940m² property was designed by renowned architect Stefan Antoni and boasts, among other features, five bedrooms, a gym, eight parking bays, a cinema room and glass elevator.
Antoni said the Pentagon was designed to be “powerful and dramatic”, capturing the spirit of the site.
“The double-volume living and entertainment space is on the top level with views not only of the sea but also looking up towards Lions Head. The Penthouse bedroom suite opens into this double volume space, and views are the real luxury here.”
He explained that the building relied on sun shading and cross-ventilation to keep energy requirements nominal.
Property experts say the record-breaking sale reflects the strength of Cape Town’s luxury real estate market, which continues to attract both local and international buyers.
Estate agent, Lance Cohen, chief executive officer of Lance Real Estate, told People’s Post there’s been an increase in foreign buyers purchasing properties in SA currently.
“In Cape Town the property market has never been more buoyant than what it is now. There are a lot more buyers than what there are properties for sale, and the rental market has doubled in the last two years.”
Cohen said The Pentagon has been on and off the market for the past few years.
“I sold it to the seller many years ago and that was the highest price ever achieved for a property in SA at the time that I sold it. It was on the market for many years with numerous different brokers.”
He explained that Maphumulo showed interest in the villa a few years ago.
“He had been looking at properties for a good couple of years. He had viewed the property a couple of times in the past. He was keen on buying in Nettleton Road, which is known to be the best Road in South Africa – and most expensive.”
Cohen noted that South Africa’s luxury property market continued to draw global attention and added that there’s been a noticeable increase in foreign buyers investing in local real estate.
“Cape Town is getting good press around the world now as being the best place in the world whereas for many years we got bad press unfairly. Cape Town is still relatively cheap even though accommodation is becoming expensive.”
He said that the luxury property market in Cape Town had shown remarkable growth over the past year.
“I am sitting with more buyers I can wish for looking for high-end luxury properties. We don’t have the properties available for sale, but we have the buyers. Because of the tax policies in the UK a lot of expats are coming back. A lot of families are also choosing to move to the Western Cape.”
Ash Müller, a real-estate broker, explained that The Pentagon Villa is a landmark property in Clifton renowned for its architectural design, prime location and exclusivity.
According to Müller the luxury property market in Cape Town has shown remarkable resilience and strong growth over the past year, with a significant increase in demand and sale prices for high-end properties.
Müller said Cape Town also promises real capital growth compared to other provinces.
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