RANGE ACROSS R PER M2
Highest R per m² paid In the recently completed development 16 on Bree (P1), R2.48 million was paid for a 43 m², one-bedroom, onebathroom apartment with one parking bay, equating to R57 674 per m². The unit was sold at full asking price and listed for 77 days. Lowest R per m² paid In the Wellington Fruit Growers building, at 96 Longmarket St (P4), R3.2 million was paid for a 209 m², two-bedroom, two-bathroom unit with two parking bays, equating to R15 311 per m². The selling price was 18 % below asking price and the unit was listed for 487 days.
UNIT PRICES AND SIZES
Largest unit sold and highest selling price The largest unit sold last year was in the Wellington Fruit Growers building, 96 Longmarket St (P4). It sold for R3.2 million (R15 311 per m²). The selling price was 18 % below asking price and the unit was listed for 487 days. The highest selling price achieved last year was R5.1 million which was paid for a 156 m² threebedroom, three-bathroom unit in The PepperClub, 22 Bloem St (P3). Costing R32 692 per m², the unit was listed for 67 days and sold at 12.7 % below the listing price.
Smallest unit sold and lowest selling price The smallest unit sold was a 35 m² one-bedroom, one-bathroom unit in 220 Loop St (Precinct 3) which sold for R1.6 million (R45 714 per m²). The lowest price paid for an apartment in the Central City last year was R1 million, for a 36 m² studio apartment in The Colosseum, 8 Adderley St (R27 778 per m²). The selling price was 16.7 % below asking price and the unit sold in 10 days.
MONTHLY RENTALS IN THE CENTRAL CITY
At the end of 2020 (end-January 2021), a total of 475 units were listed on Property24.com as available for rent in the Cape Town Central City. All units falling outside the CCID footprint – as well as those advertised at a daily rate – were excluded. Duplicates have been removed (as far as is possible).
UNITS LISTED FOR RENTAL IN CENTRAL CITY Units End-2018
223
End-2019
180
End-2020
475
SOURCE: Property24.com
The Harri
There was a significant increase in available rental stock in 2020 as repeated lockdowns impacted the tourism industry – particularly during tighter restrictions when international and inter-provincial travel was banned. This has prompted numerous units – which had previously been available for short-term lets such as Airbnb – being added to the pool of units available for long-term rental. This trend is likely to reverse once the vaccine roll-out helps to bring the pandemic under control, and local and global economic activity returns to normal. STUDIO/BACHELOR # units to rent: 84 Size range: from 11 m² to 92 m² Average monthly rental: R8 436 Highest: R15 000 for 40 m² Lowest: R5 000 for an unspecified size Five units at 106 on Adderley have been added to studios above, despite being listed as one-bedroom apartments. They range in size from 11 m² to 16 m². ONE BEDROOM # units to rent: 217 Size range: from 27 m² to 178 m² Average monthly rental: R10 880 Highest: R25 000 for 94 m² Lowest: R5 900 for an unspecified size TWO BEDROOMS # units to rent: 156 Size range: from 45 m² to 183 m² Average monthly rental: R15 547 Highest: R33 000 for 164 m² Lowest: R8 000 for 67 m² THREE BEDROOMS # units to rent: 18 Size range: from 120m² to 444 m² Average monthly rental: R31 133 Highest: R70 000 for 444 m² Lowest: R17 500 for 141 m²
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