Cape Town Central Property – Hot and Happening

The information in this article is courtesy of iAfrica

The profile of buyers investing in property in the Cape Town City Centre has changed since the revamp around 10 years ago. According Laurie Wener, MD or Pam Golding Properties in the Western Cape metro region, more than 60% of property buyers in the Cape Town Central City 10 years ago, were investors. Today there are far more owner-residents who enjoy the hip cosmopolitan life that these properties offer.

The safe, convenient and affordable property in Cape Town City Bowl are hugely popular among holidaymakers and business people, creating a booming rental market – even in today’s market conditions.

Popular residential buildings include Cartwright’s Corner, The Adderley, Mutual Heights and The Decks, says PGP’s area manager for the Atlantic Seaboard and City Bowl, Basil Moraitis.

He added that these properties are especially popular among business people who want to avoid traffic by living within walking distance from work. Younger buyers are also interested in these properties because of its proximity close to work and the bustling Cape Town nightlife.

Moraitis says that property prices in the CBD have dropped some 15% since the boom they enjoy a few years ago. Some of their recent sales have included four one-bedroom units at Cartwright’s Corner, sold for between R910 000 and R1.4-million, as well as a R2.4-million sale for a two-bed apartment in Metropolis and R1.95-million for a two-bedroom unit in Quayside.

Pam Golding Properties also reported that short-term rentals enjoy typical daily rental occupancy of around 50% per annum. Short-term rental can go up to R9000 per month for a 1-bedroom apartment and R12 000 for 2-bedroom apartments. Long-term rental property in Cape Town Central ranges from R8000 for 2-bedroom apartments to R6000 for 1-bedroom units.

Lying 3km from Green Point Stadium, one of the Fifa World Cup venues, and the possibility of the new Integrated Rapid Transport System, make the prospects for these properties even more appealing.