Almost R14 billion worth of property investments were made in the Cape Town city centre in 2019
despite challenges facing the city, including a tight economy.
In fact, investor confidence in the central city was on the rebound last year, notes the latest State of
has been earmarked as a commercial and mixed-use development node following the opening in 2016 of the new Netcare Christiaan Barnard Memorial Hospital and the subsequent expansion in 2018 of the Cape Town International Convention Centre which triggered billion-rand developments.
“This was accompanied by a sharp downturn in unit sales – which halved from 2018 levels. The 2018 figureswere elevated by two new developments which brought 156 new apartments onto the market...”
Citing PropStats data the report says apartments sold for an average of 9.5 % less than the asking price in 2018 – the highest discount to asking price seen in recent years.
At the end of 2019, a total of 180 units were listed as available for rent in the Central City compared to 223 units at the end of 2018. This excludes short-term rentals in terms of entities such as Airbnb.
The report recorded average monthly rentals for 2019 as being:
R11 289 for a studio/bachelor flat
R12 723 for a one-bedroom
R19 666 for two bedrooms
R35 600 for three bedrooms