For all its merits you must remember Cape Town is a TINY TINY city, if not the smallest "city" on the world map of similiar cities that it is being compared to...And remember all this regurgitated top 10, top 50, No 1 in Africa etc etc -is all spin, which is clipped, hawked and spitballed by Tourism stakeholders like our useless Cape Town Tourism and it's done by the same international publications year after year. - Mostly Travel and Leisure and Conde Naste magazines. But here's a fact that these self annointed travel gurus overlooked- The most expensive city in the world is right here in Africa- Luanda. Angola. And there are far more beautiful places in Africa than Cape Town-Not that it matters any, but their voting readership is unlikely to ever set foot in any place that doesn't offer them all the creature comforts of their westernised homes-, but offer them Africa and a choice between the two cities that offer living similiar to their own lifestyles and then Cape Town will beat Johannesburg every time. I don't think these publications ever consider another African country at least not seriously. And while I'm at it, let me shoot down the myth of demand for CBD living. We've tried loft living for years- and it never took off. Still hasn't. The New York lifestyle won't work in Cape Town because Cape Town is Not a 24 hour city. Everything closes at 10pm except a few bars. On weekends the city is deserted. Except for those people who forked over a million or so for a loft apartment or for tourists who learn too late that they should have stayed in a better location. There are no 24 hour/ late night grocery shops and stores. there is nothing to sustain the city living concept. There's no vibe. For all this misguided city living concept, people still need to get in their cars and drive OUT of the cbd to get essentials. Oh. Wait. If You build it they will come. Sure. Not in my lifetime.
The 24 hour living can only be in place once there exists a population that can support these services. There is definitely a long way to go. Hopefully this is a step in the right direction.
CT city centre has reasonable buys
2008/12/30
A number of very affordable options are on to the market in central Cape Town, ranging from studio apartments to luxurious penthouses.The Central City area is now home to over 30 residential developments, including apartments, townhouses, penthouses and smaller studios. It also boasts an eclectic collection of trendy restaurants, coffee shops, internet cafes and designer boutiques, scattered among its modern office blocks and historical facades.
Buyers in this area to date have included a mix of full-time city residents, Gauteng-based commuters and some foreigners.
PGP's area manager for the Atlantic Seaboard and City Bowl, Basil Moraitis, says entry level prices in the Central City now stand at their most affordable level in years.
PGP's own lowest-priced apartment is a 33sqm one-bedroomed unit in the new Four Seasons security complex, on the market at just R580k. The building offers a 24-hour concierge service and has its own swimming pool and gym for the private use of residents.
Other deals include a 48sqm one-bed apartment in Piazza on Church, priced at R775k, and situated on historic Church Square. Two-bedroomed apartments start at just over R1,2m - for example, a 66sqm unit in Perspectives, a development situated on Roeland Street, is priced at R1,275m. A three-bedroomed penthouse apartment in the Icon building is also being marketed at R5,9m, inclusive of VAT.
"These prices represent great opportunities for young professionals wishing to live close to work and close to the buzzing city nightlife, and also for investors wishing to take advantage of the slowdown in the market and buy at the most affordable levels in years, then earn rental income. There is a strong and consistent demand for rental properties in the city, both on long- and short-term lets, and from a variety of sources," says Moraitis.
"For example, we see parents of students seeking rentals (and purchases) in the affordable buildings close to the Cape University of Technology campus, while businesspeople tend to prefer the developments situated close to the Cape Town International Convention Centre and key office buildings. For tourists, proximity to the V&A Waterfront is a key factor, as well as ease of access to transport and other leading tourist attractions.
"Investment buyers can also opt to purchase an apartment and let it, furnished, on a daily basis, via the many developments offering a rental pool, such as Fountains Suites, Icon, Circa and Mandela Rhodes Place."
And what about the lifestyle on offer to residents? It is a very different story today from five years ago, says PGP's MD for the Western Cape metro region, Laurie Wener.
"In the past five years, crime in the CBD has dropped by 60%, and the area has undergone a significant facelift," she says.
"Billions of rands have been invested in residential densification, and there have been huge improvements in the overall cleanliness of the city. Plans are now underway to improve the internal transport network within the Central City, including the upgrade of Cape Town station, the introduction of the new Bus Rapid Transport System and decentralized multi-storey parking garages allowing for a park and ride system, as well as investment in pedestrian and cycling zones throughout the city.
"Money is also being spent upgrading public spaces such as the Grand Parade and Church Square, and updating the Golden Acre shopping centre. The chief executive of the Cape Town Partnership, Andrew Boraine, indicated late last year that there was between R28bn and R30bn worth of new private and public sector investments planned for the Central City over the next three to five years. All these projects will have a significant impact on the area, and can only improve the prospects for capital growth for property owners."
Image 1: With three bedrooms and two bathrooms, this apartment is on the market at R5,9m, inclusive of VAT.
Image 2: A 33sqm one-bedroomed apartment in the City Centre's has come to market at R580k.
For more information contact PGP's City Bowl office on 021 423 2150.
