Some people in Cape Town are willing to pay up to R50 million for apartments or even R70 000 per month to rent upmarket apartments in the coastal city’s most desirable areas.According to Seeff Property Group, while freehold property still accounts for more than half of all property sales in the country, there is an increase in demand for apartments, with buyers willing to pay higher prices.
On the Atlantic Seaboard, apartment sales topped R3.3 billion last year. More than 20% of sales were priced below R2 million, while over one-third of sales were more than R5 million. According to Levin, flat sales in the City Bowl/CBD exceeded R1.2 billion, with 46% selling for less than R2 million and 30 for more than R5 million.Certain sales exceeded R10 million as price ceilings continue to rise due to increased demand for flat living, according to Levin.