Clarifying what was meant by “qualifying buyers”,\u00a0Armstrong said the target market was the \u201csectional title sale development market\u201d and that the company believed market forces will prevail through the provision of such low priced apartments in the City Centre.<\/p>\n
FWJK promised that its planned city centre skyscraper will include affordable housing – and the price of the \u201caffordable\u201d apartments will be \u201cless than R800,000\u201d.<\/p>\n
\u201cWe are not aware of any apartments currently selling in the City Centre at well under R1 million,\u201d he said.<\/p>\n
While\u00a0activists speaking to GroundUp said that they planned to use the tower’s development as a springboard for the creation of affordable housing in all future developments,\u00a0Armstrong’s pricing estimations appear to be in-line with housing data provided by FNB and other banks.<\/p>\n According to FNB’s July House Price Index, The Western Cape continues to be\u00a0the most expensive in South Africa, with an average transaction price estimated at R1.437 million in the 2nd quarter of 2017, the next highest average price being that of Gauteng at an estimated R1.050 million.<\/p>\n While FNB said this is finally beginning to cool off, there is a separate issue of even middle-class earners being priced out of certain areas in and around the city.<\/p>\n According to a recent report by PropertyWheel<\/a><\/strong>,\u00a0middle income earners have effectively been priced out of Cape Town CBD, leading to costly commutes as they travel to and from the area for work and socialising.<\/p>\n![\"\"](\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2016\/09\/Zero2one-2.png\")
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