Per­cep­tion was also

Weekend Argus (Saturday Edition) - - PROPERTY -

spurred by the fact

with many more in­vestors keen to get their foot in the in­vest­ment door, Botha says there has been a no­table in­crease in de­mand for prop­er­ties in the R4m to R6m price band.

“Gar­dens and Vre­de­hoek cur­rently of­fer the best value for money at the en­try level, with apart­ments start­ing at around R850 000 for bach­e­lor and R1.8m for two-bed­room apart­ments if one hap­pens to come onto the mar­ket. Older houses which need a lit­tle TLC can be found for be­tween R3.8m and R4.2m.”

Lew Gef­fen, chair­man of Lew Gef­fen Sotheby’s In­ter­na­tional Realty, says that sev­eral key fac­tors prompted the turn-around of the property mar­ket in the City Bowl.

“Cape Town’s pop­u­la­tion has grown mas­sively over the past decade and the re­sul­tant traf­fic con­ges­tion and ever-in­creas­ing com­muter time from the sub­urbs has prompted peo­ple across the de­mo­graphic spec­trum to re­con­sider their pri­or­i­ties and life­style val­ues.

“The change in per­cep­tion was also spurred by the fact that the City Bowl of­fers in­vestors a wide range of op­tions, from starter bach­e­lor pads through to op­u­lent mod­ern homes, which makes the City Bowl ac­ces­si­ble and at­trac­tive to most in­vestors, from first time buy­ers to es­tab­lished pro­fes­sion­als.” Gef­fen be­lieves that the City Bowl will in­crease in pop­u­lar­ity as there is no more avail­able land for de­vel­op­ment, while rapid de­vel­op­ment in the CBD is sig­nif­i­cantly in­creas­ing the daily work­ing pop­u­la­tion in the down­town area.

“The city cen­tre is ben­e­fit­ing greatly from in­vest­ment of bil­lions of rands, with mas­sive projects like the re­cently com­pleted 32-floor com­mer­cial Portside build­ing, the dou­bling in ca­pac­ity of the Cape Town In­ter­na­tional Con­ven­tion Cen­tre and the con­struc­tion of the new Chris­tian Barnard Hos­pi­tal.”

Botha says that a spin-off of the in­creased busi­ness ac­tiv­ity in the city is that more cor­po­rate in­vestors are snap­ping up City Bowl prop­er­ties as an in­vest­ment or for their com­mut­ing ex­ec­u­tives.

“It also bodes well for the rental mar­ket which is cur­rently very ac­tive, with agents ex­pe­ri­enc­ing a short­age of stock in cer­tain ar­eas and mar­ket seg­ments.

“Al­though cor­rectly priced rental prop­er­ties are al­most al­ways snapped up as soon as they hit the mar­ket, the monthly rentals that can be achieved vary sub­stan­tially de­pend­ing on a num­ber of fac­tors in­clud­ing size, lo­ca­tion, con­di­tion, views and se­cu­rity.”

Gre­eff says the cur­rent po­lit­i­cal un­cer­tainty in the coun­try doesn’t seem to have had much im­pact on for­eign in­vest­ment, par­tic­u­larly South Africans liv­ing abroad, who re­main keen to take ad­van­tage of a weaker rand and in­vest in property in Cape Town.

MOD­ERN CITY LIV­ING: This ren­o­vated two-bed­room apart­ment in Gar­dens with two park­ing bays is for sale at R1.995 mil­lion.

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