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Trendy property in Cape Town’s CBD

25 Aug 2015

The centre of Cape Town, the CBD, is bubbling with all kinds of activity and has become one of the most desirable locations for property buyers and visitors alike. 

This spacious loft apartment in the Cape Town City Centre has one bedroom, two reception rooms and a rooftop terrace. It is on sale for R4.695 million - click here to view.

This is according to Trudi van Wyk, branch manager of Jawitz Properties City Bowl, who says there is solid investment opportunity in this area.

“And there is always something going on, from new restaurants opening weekly to the popular Cape Town bred First and Third Thursdays events, among others, making the inner city the place to be.”

Van Wyk says while it may not be the biggest CBD, the heart of the Mother City is the only CBD in South Africa that is desirable as a residential address.

The average price for a sectional title apartment located in this area is currently R1.9 million, comprising one to two bedrooms and one parking bay. “This is up by R300 000 compared to the average price year-on-year.”

Properties sell quickly as well, with buyer demand remaining consistently high.

“In 2014, we saw properties listed on average for 85 days, but for this year to date, the average time they are listed before they sell is 47 days, basically halving the time it takes to sell,” says Van Wyk.

This four bedroom house in Higgovale, Cape Town, offers five bathrooms, two reception rooms, a study and rim flow pool. It is on the market for R16.5 million - click here to view.

“Listing price and selling price only differ, on average, by a meagre 4.9%. Sellers are getting the prices they want.”

Van Wyk says they generally see the under 35 year olds most interested in living in the area, but there is something for everyone.

This year has seen City Bowl buyers mostly of local origin, but foreign buyers are present from countries like the US and Canada, the UAE, Bahrain, the United Kingdom and European countries such as Ireland, Germany, France and Italy, as well as those from up-continent in Angola, Zimbabwe and Nigeria.

A notable buyer trend is to buy sectional title properties, specifically two bedroom units and convert them into one bedroom spaces marketable on travel sites like Airbnb.

“This is a popular choice for investment buyers, and a lucrative one. Visitors are prepared to pay more for a spacious one bedroom apartment compared to a quaint two bedroom unit,” she says.

Currently on the market is an apartment in the Wellington Fruit Growers Building with an asking price of R4.695 million.

This property in Vredehoek, Cape Town, has three bedrooms, open-plan living areas, an indigenous garden and a solar heated pool. It is priced at R8.999 million - click here to view.

“This property takes your breath away, and yet with so much space, a total of 215sqm, it allows you to breathe; an effect magnified by the open air courtyard and roof deck.”

This is luxury penthouse living at its best, she says, boasting views of the City and glorious Table Mountain, and is within walking distance to all amenities.

Van Wyk says the centrality of the CBD in general not only offers close proximity to shops or cultural entertainment a stone’s throw away in any direction, but also places residents close to work without having to drive.

“Plus, the MyCiTi bus route assists for the slightly further distances, or for those less inclined to walk.” But for those who do like a drive, the city centre provides easy access to Camps Bay and its beaches over the Kloof Nek mountain pass.

The city is also beautiful with colourful, quirky artworks pasted on to previously bland buildings, access to the historic Company Gardens and plenty of art galleries, museums, creative spaces and hangouts dotted with colourful, friendly locals.

She says with the addition of CCID cameras and policing, fewer incidents take place, and it’s generally safe to be in the city.
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