Living in: Cape Town, South Africa
The real estate market in Cape Town was less affected by the recession than other areas of South Africa and it remains a sought-after location. Housing stock runs the gamut — from large seaside houses to apartment blocks to family homes with a quarter of an acre garden. A typical, unfurnished two-bed flat rents from 8,000 to 14,000 rand, depending on the neighbourhood. The rental market is strong right now.
When purchasing a property, be sure you are familiar with sectional titles. “There is a healthy market in sectional title units at the moment,” said Steward. A sectional title means you purchase a section of a property, but not the common property (ie stairways, halls, corridors). Sectional title owners pay a fee to maintain these and in this way are similar to condos and leaseholds.
The middle of the market, from two to eight million rand, is where the most movement is at the moment. Overall, “the market is showing more sign of activity, but the prices have remained flat over the past three years,” said Steward. Take time to consider what suburb you want to live in and contact estate agents in that area. “The most important thing to know about Cape Town is that you are living in the best city in the world,” said Henny.
Cape Town Magazine: events, restaurants, nightlife, news
Cape Town Music Scene: weekly gig guide to shows, album and show reviews
Upper Woodstock Residents Association: neighbourhood website and info
TygerBurger: weekly west coast and northern suburbs paper in English and Afrikaans