South African buyer pays R27.5m for Cape Town flat as top-end market surges

“According to Expatistan, a cost of living calculator that allows you to compare cities around the world, the cost of living in Toronto [in Canada] is 86% more expensive than Cape Town, with transportation and housing the big drivers. The cost of living in Brisbane [in Australia] versus Cape Town is 72% higher, with housing 63% higher,” the company said.

“Living in London will cost you 134% more than Cape Town, with housing 151% higher, transportation 236% higher and food 81% higher. Doing research into your chosen city is essential before making decisions to move.” Hybrid working and the rise of “apartment living” were other factors affecting the Cape Town property market, Axis said. Tourists who enjoyed the city were returning as investors, seeking accommodation for longer stays.

“They are returning and extending the length of their visits, some up to three to six months at a time — a trend set by the 'swallows’ who settle in Cape Town to avoid the harsh European winters,” the statement said. The R27.5m La Croix flat in question occupies one floor and includes a large swimming pool with decking area, built-in seating and landscaped garden.

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