{"id":632785,"date":"2022-10-11T09:20:54","date_gmt":"2022-10-11T07:20:54","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=632785"},"modified":"2022-10-11T09:20:54","modified_gmt":"2022-10-11T07:20:54","slug":"a-look-at-the-r1-5-million-micro-apartment-in-cape-town-inside-a-parking-garage","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/632785\/a-look-at-the-r1-5-million-micro-apartment-in-cape-town-inside-a-parking-garage\/","title":{"rendered":"A look at the R1.5 million micro-apartment in Cape Town – inside a parking garage"},"content":{"rendered":"

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.<\/p>\n

This is highlighted perfectly in the sale of a bachelor apartment in Sea Point for R1,450,000.<\/p>\n

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.<\/p>\n

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

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

Bond costs would set the new owner back R14,132, each month, according to Property 24’s bond calculator.<\/p>\n

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.<\/p>\n

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<\/a><\/strong> behind the city’s developments in terms of the property market.<\/p>\n

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 \u201cdowntown lifestyle\u201d and flourishing night-time economy offered by the central city.<\/p>\n

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.<\/p>\n

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.<\/p>\n

\"\"<\/a><\/p>\n

\"\"<\/a><\/p>\n

\"\"<\/a><\/p>\n

\"\"<\/a><\/p>\n

\"\"<\/a><\/p>\n

\"\"<\/a><\/p>\n

\"\"<\/a><\/p>\n

 <\/p>\n

\n

Read: <\/strong>Top CEO warns of knock-on effect from major strike action in South Africa\u00a0<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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.<\/p>\n","protected":false},"author":10,"featured_media":632815,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[26],"class_list":["post-632785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/632785","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=632785"}],"version-history":[{"count":12,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/632785\/revisions"}],"predecessor-version":[{"id":633021,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/632785\/revisions\/633021"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/632815"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=632785"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=632785"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=632785"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}