Cape Town is a prime tourist destination. Find out from local property experts about the property market in this popular city.
What advice would you give on getting into the market in this area?
Find an apartment that is suitable for both holiday rentals and corporate letting. Success in your investment will hinge on minimising your off-peak vacancies. CBD, Foreshore, the V&A Waterfront and De Waterkant are ideal areas due to their close proximity to business, the CTICC and access to holiday hot spots such as Camps Bay, Sea Point and Green Point. If your property is in a sectional title scheme ensure that your body corporate rules allow holiday rentals. Take a long-term view on your holiday rental, as the costs of the property, furniture and marketing are high, with the key being high occupancy levels at the right price.
Grant Smee: Managing director, Life Residential
What attracts visitors to the area?
The exclusive V&A Waterfront and cosmopolitan CBD are integral to Cape Town’s status as a leading worldwide tourist destination for a variety of attractions and activities to suit any pocket. From free concerts at the V&A Waterfront, hikes on Table Mountain and sunset picnics on Signal Hill, to food and craft markets, fine dining and first-class shopping, boat trips and helicopter flips. The CBD boasts museums, theatres, bars, bistros, restaurants and nightclubs. Carnival-like Long Street, trendy Bree Street and vibey Kloof Street are all at the foot of majestic Table Mountain with Camps Bay and Clifton just around the corner.
Beverley Delit: Principal agent, Accommodation Warehouse
What kind of return can investors expect in this area?
Cape Town is one of the most world-renowned holiday destinations and has continued to increase in popularity in the holiday rental market. The CBD and V&A Waterfront especially enjoy high rental returns due to high demand in our summer and peak months with rentals at more than R10,000/night for a three-bed apartment. This demand is due to being at the heart of the CBD and CTICC and visitors looking for this proximity to superb shopping, lifestyle, fine dining experiences and unsurpassed beauty with views of either the City Centre, Table Mountain or the Atlantic Ocean.
Clairanne Campleman: Principal, Cape Letting
This article originally appeared in Neighbourhood, Sunday Times.
Take a beautiful trip through the Cape Town City Bowl here: