Cape Town parking bay on sale for R1.1 million

A parking bay in Bakoven, Cape Town, has been listed to sell for R1.1 million – or R61,000 a square metre.

According to the listing, the 18 square metre bay is part of a well-run, small sectional title complex, with easy access to Camps Bay’s main thoroughfare, Victoria Road.

“The complex is perfectly situated within walking distance to the Camps Bay Beachfront, as well as Bakoven’s bungalows and beautiful beaches,” said sellers, Marion Taylor properties.

Earlier in the year, a bay in Clifton went on sale for R1 million.Unlike that parking spot however, the Bakoven bay is in a closed garage.

Space in the city, no matter the size, is selling for a premium. A current trend is for the development of ‘micro-apartment’ living – 20 square metres priced up to R1 million.

Notably, in these micro-apartment developments, parking bays come at an additional cost of R250,000.

The Atlantic Seaboard is notorious for being an area where parking is scarce, and therefore has a history of over-priced parking bays.

As far back as 2009, Pam Golding Properties sold single basement parking bays in two  Clifton residents for R580,000 and R750,000, while another sold for a staggering R2 million in 2008.

At the time, the garage sale set a new record for bricks and mortar prices in South Africa in square meter terms. The space fetched around R111,000 a square metre.

Read: A look inside Cape Town’s new R1 million “micro” apartments

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Cape Town parking bay on sale for R1.1 million