A look at the R1.5 million micro-apartment in Cape Town – inside a parking garage

·11 Oct 2022

A housing shortage in Cape Town, where demand exceeds supply, and a general space issue in the CBD means that property prices are generally higher in The Mother city than elsewhere in the country.

This is highlighted perfectly in the sale of a bachelor apartment in Sea Point for R1,450,000.

According to its listing, the apartment is attached to the garage to provide a total living area of 63 square meters. The studio apartment also includes an en-suite bathroom.

The apartment is conveniently located – within easy walking distance to the Sea Point Promenade, shops, restaurants, and a MyCiti bus route, noted its sellers.

The property is priced at R23,651 per square metre, with levies of R1,807 and a further R315 for rates and taxes.

Bond costs would set the new owner back R14,132, each month, according to Property 24’s bond calculator.

Cape Town has become a hotspot for semigrants leaving metros across South Africa and has seen a massive spike in property prices, while also leading to a shortage of properties.

In the latest edition of the State of Cape Town Central City Report, published by the Cape Town Central City Improvement District (CCID) – apartment living has been a driving force behind the city’s developments in terms of the property market.

The report found that the largest percentage of residential tenants in apartments were between the ages of 25 and 34 years old – presumably young professionals attracted by the “downtown lifestyle” and flourishing night-time economy offered by the central city.

By the end of 2021, the total number of residential apartments in Cape Town Central City was 5,791, up from 4,954 at the end of 2020, reported the CCID.

According to the report, in the centre of the City, studio apartments on average cost around R9,027 a month, one-bedroom apartments R11,124, two-bedroom apartments R17,768 and three of more for around R40,314 a month.