Want to know more about the lifestyle and property in this Cape Town City Bowl neighbourhood? Local agents share their views.
What types of properties are available, and what can buyers expect to pay?
Gardens is where you want to live if you are young and hang out in vibey Kloof Street, or more mature and want to be close to the MediClinic, walk to the shops and catch the MyCiTi bus everywhere. Unfortunately not so affordable anymore as an entry-level studio apartment starts at R1,2m, a one-bedroom at R1,7m and a two-bedroom apartment from R2m up to R5m, depending on position and condition. There’s a shortage of stock generally and cottages are very hard to come by. You’ll be lucky to find a semi-Victorian with a parking bay or garage below R6m.
Elisabeth Kretschmer: Owner/Principal Agent, Kapstadt International Properties
Who is buying property in the area?
Gardens is consistently a common favourite with buyers purely because of its positioning within the City Bowl. It does, however, draw a specific buyer, one that is either starting out in their property portfolio development, or slowing and scaling down. Of the 21 recorded sales for the first quarter of 2016 in both freehold and sectional title, the staggering statistic is that 18 were cash transactions. That equates to 86%. Fourteen of those cash deals were local South Africans. The foreign buyers were from Germany, Switzerland and UAE, and two buyers were from Gauteng and KZN.
What attracts buyers to the area?
Gardens is very sought-after for its convenient central location which offers easy access to the CBD for work and its vibrant nightlife. Residents can quite literally stroll down the road to a wide array of excellent restaurants, cosy cafes and myriad retail options. It’s only a short drive from world-class beaches and popular attractions like the V&A Waterfront and residents enjoy the convenience of having public transport on their doorsteps. The suburb also offers the best value for money in the City Bowl, especially at the entry level. It’s still possible to buy older properties in the area at accessible prices which can be renovated to increase their value significantly, thereby offering an excellent return on investment.
This article originally appeared in Neighbourhood, Sunday Times.
Take a stunning journey through the Cape Town City Bowl here: