This Is South Africa’s Record-Breaking R290 Million Home


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Not quite a bargain‚ but R290-million for a new fully furnished‚ three-storey house that comes along with seven bedrooms‚ nine bathrooms‚ eight garages‚ all the art in the house‚ two luxury cars and spectacular views is a fair price‚ said the estate agent who sold the property.

The award-winning house‚ which is situated in Bantry Bay and scooped up by a German couple‚ broke the record for the most expensive house sold in Cape Town by approximately R190-million‚ said Dogon Property Group’s Adrien Epstein.

There had almost been a “ceiling” on prices when it came to properties in the city‚ and there had been no trade over the R100-million mark‚ Epstein said.

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This “ceiling”‚ he added‚ was somewhat problematic because there are homes in Cape Town which‚ when the cost of the land and the of construction are taken into account‚ are worth more than R100-million.

“I think that these high-value property transactions inspire confidence and encourage other buyers to invest‚” Epstein said.

The house comes with two plots of vacant land on either side to maintain the “privacy” of the house and to prevent anyone from building anything‚ Epstein said.

Designed by SAOTA‚ an international architecture and design practice based in Cape Town‚ the 5200m² house is perched on top of the city‚ offering spectacular views of the Atlantic seaboard to the east and the Twelve Apostles and Clifton to the and west.

The house also has large infinity pool and staff accommodations.

Epstein said that the buyer had been looking to buy a property in Ibiza or Saint-Tropez‚ but‚ while in Cape Town visiting friends that Epstein had previously sold a property to‚ they suggested Epstein showed them a few places‚ and they were sold on the Bantry Bay property.

“When you buy a top-end property in [locations like Ibiza and Saint-Tropez]‚ then R290-million is average; it is not an extraordinary price‚” Epstein said.

“Cape Town has been creeping in that direction for a long time‚ for the last 10 years‚ it has slowly been getting onto the international map…although the lower and middle market has benefited enormously from that surge from international visitors it is now translating into the very top end of the market” Epstein said.

Epstein said that the price was set by the seller‚ and it took a couple of days to have a “meeting of minds” between the buyers and seller.

– TMG Digital/BDlive

Source: Sunday Times

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