A parking lot in an ultra-affluent suburb in Cape Town has been put on the market for as much as R990,000.
A new listing on luxury property site, Fine & Country, has a “plot of land for sale” in the suburb of Clifton on the Atlantic seaboard, that is literally just a parking bay.
The R1 million ‘plot’ is a rooftop parking bay at the San Michele apartment complex on Victoria Road, beckoning prospective buyers to “end your Victoria parking frustration, and own your own secure bay in perpetuity.”
A bond option on the spot would cost you just under R10,000 over 20 years.
Cape Town is South Africa’s hottest property market and is known to have the highest prices in the country, while accounting for eight of the top 10 priciest areas per square metre.
And Clifton boasts the title of being the most expensive suburb in the country, where the average selling price for a house is R23 million.
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 18sqm garage fetched around R111k/sqm, Property24 reported.