R10.5m Sea Point townhouse listing reignites Cape Town price debate
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A fully furnished three-bedroom townhouse on the edge of Sea Point listed at R10.5 million has gone viral, with South Africans calling the asking price proof that Cape Town property is overpriced.
A R10.5 million listing for a three-bedroom Victorian-style townhouse on the outskirts of Sea Point and Green Point has gone viral on social media, with many South Africans seizing on the price tag as proof of how expensive Cape Town property has become.
The listing was shared by luxury estate agent Pasha Dos Santos of Pasha Property Global, who described the fully furnished home as offering "the best of both worlds" given its location, and revealed that the property currently operates as an Airbnb with a 4.89-star rating.
Commenters were unconvinced, arguing that the house was overpriced and would sell for much less in other parts of the city. "This is satire, right?" wrote one social media user, while another said the home was "not even worth two million", and a third observed that South Africans are "not the target market". Dos Santos liked a comment noting that real estate agents take the "flak" for embarrassing Cape Town listings.
The debate reflects rapid value growth in Atlantic Seaboard suburbs such as Sea Point, Camps Bay, Clifton and Green Point, a trend attributed partly to gentrification, in which in-demand real estate displaces lower-income, and typically non-white, communities.
Cape Business News is cited as noting that Sea Point is an in-demand location for many South Africans and tourists because of its proximity to both the beach and the mountains, while The African Investor describes an area appealing to young professionals, international expatriates and retirees alike, whose cosmopolitan character, safety and amenities attract a more affluent demographic.