While more than half of all property sales nationally are still for freehold property, demand for apartments continues to rise exponentially, with buyers prepared to pay ever higher prices, according to the Seeff Property Group.
On the Atlantic Seaboard, apartment sales topped R3.3b last year. Only 20% were priced below R2m, and over one-third of sales were above R5m. Ross Levin, licensee for Seeff Atlantic Seaboard and City Bowl, says apartments achieved some of the highest prices paid in Cape Town last year. He says further that where other CBDs such as Johannesburg and Durban have seen significant decline since the COVID lockdowns, Cape Town's CBD remains a success story despite facing many pandemic-related challenges. The CBD in fact enjoyed an uptick in apartment sales over the last year with some 159 units sold at an average price of R2,432,793.
Century City, about 15-minutes’ drive from the CBD, is another bustling area, especially for apartment rentals, according to Helga Clemo, Seeff’s licensee for the area. Prices depend on what the complex offers, and proximity to Canal Walk. Apartments sell for, on average, between R2m to R4m. The highest rental achieved is R70,000 per month for a furnished apartment in Crystal Towers.
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