Find out from local property experts what the property market in Cape Town's CBD is like.
What types of properties are available and what can buyers expect to pay?
The CBD offers sectional-title developments with security and lifestyle components – gyms, pools and a fantastic coffee culture in the surrounding areas. Property ranges from bachelor units to one- and two-bedroom apartments, as well as magnificent penthouses. Most entry-level prices in the more popular developments such as Cartwrights Corner, Mutual Heights and the Icon are in excess of R30,000/m², while developments like the Taj continue to fetch prices in excess of R40,000/m². Prices vary for the different areas and blocks. The West City, which incorporates the Bree Street area, will currently achieve higher prices than the East City, which is still not as developed or trendy.
What attracts buyers to the CBD?
Cape Town’s CBD is unique in South Africa in that it offers residents a quality city life: it is safe, offers wonderful entertainment, restaurants, bars, shopping, coffee shops, art and a bustling nightlife supported by efforts like the First Thursdays and Moonlight Mass. Sports and events in the nearby Cape Town Stadium, the CTICC and the foreshore happen all the time. Table Mountain and Lion’s Head are ever present and the beaches are a stone's throw away. The city is clean and public transport works. We’ve seen more and more people who work in Cape Town choose to dump sitting in traffic for a balanced and fulfilling city life.
What changes have you seen in residential CBD property over the past five years?
The central city has continued to flourish and develop over the last few years, and in many respects has consolidated its position as one of the best, functional “live, work, play” residential nodes in Cape Town. Initiatives like First Thursdays and Open Streets have been part of this great success story. The city centre continues to experience a growth in the number of people that wish to reside here. One of the main attractions has been the significant increase in quality restaurants, eateries, bars and cafes that now exist in the central city, giving it a truly international standard and feel.
Richard Boxford: Managing director, Life Residential
This article originally appeared in Neighbourhood, Sunday Times.
Experience Cape Town's City Bowl here: