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