UK buyers pay record R15.9 million for Cape Town penthouse
· The South African
A penthouse in a brand-new apartment development in Newlands, Cape Town, has been sold for a record R15.9 million, with the buyers travelling from the UK to purchase a property they plan to use during visits to South Africa.
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The sale of the penthouse at The Marlow on Mill has set a new record for an apartment in Cape Town’s Southern Suburbs, highlighting continued demand for premium, well-located properties in the city.
UK buyers purchase Cape Town penthouse
According to Pam Golding Properties, the previous record for an apartment in the Southern Suburbs was R12.65 million, paid for a similar apartment at Newlands Peak when that development launched in 2020.
The latest sale therefore represents a significant jump in the price buyers are willing to pay for top-end sectional-title property in the area.
The buyers of the R15.9 million penthouse are based in the UK and intend to use the property as a home when visiting South Africa.
Their purchase reflects a wider trend at The Marlow on Mill, where interest has come from both South African and international buyers.
Foreign interest in the development has mainly come from buyers in the UK and US, with additional interest from Germany. The development has already recorded close to R350 million in sales.
Investors are driving sales
While the R15.9 million penthouse sale has attracted attention, investors are responsible for much of the development’s sales activity.
According to Pam Golding Properties, strong demand for both long- and short-term rentals is making the development attractive to buyers seeking rental income and potential capital growth.
Leisure buyers are also using the apartments as holiday homes, with the opportunity to let them out when they are not in Cape Town.
This combination of personal use and potential rental income is particularly appealing to buyers who live outside the city or overseas.
Who is buying at The Marlow on Mill?According to sales stats, the development has attracted a mix of buyers from the Western Cape, other South African provinces, and overseas.
Around 70% of recent buyers are middle-aged or mature, while retirees and younger adults make up the remainder.
The foreign interest is particularly notable given the development’s location and the appeal of Cape Town to international property buyers.
The city offers these buyers a combination of natural scenery, established suburbs, lifestyle amenities and access to beaches, mountains, restaurants and cultural attractions.