Over the past two years, business and leisure tourism has risen significantly – an important aspect to note in the potentially detrimental economic climate that is plaguing our shores. The continued migration of people to the Cape Peninsula is boosting the rental market in particular, with costs rising to around R200 000 a month.
Obviously, the location with the most demand is the coast, that has the added benefits of a good lifestyle, good governance and “a calendar of high profile events” all which are key drivers in the rising demands, according to fin24.
So let’s take a look at a place in Clifton. For R150 000 a month this is what you can get:
furnished / 3 bedrooms / 3 bathrooms / 1 parking bay / built-in cupboards / shower / caesar stone kitchen / fridge / stove
That’s not too bad, right? I mean, just look at that garden right onto the beach. Delicious.
While the lower to mid-market sectors are likely to see the biggest jump in demand as a result of the economic fall-out, our agents expect a strong market almost across the board, not just for long-term rentals, but also for short-term lets.
Although the tourist season is set to run until the end of April, the June / July school holidays are set to bring in local tourism. Cape Town will also play host to massive events such as Indabas, Art Shows, sporting events and all those other sexy happenings that comes with Cape Town living.
We also expect the influx of people relocating from other provinces, especially the northern areas, to continue and potentially even pick up further pace this year. Many of these people choose to rent for an initial period before deciding where they want to settle, obviously providing an added boost for the Cape rental market. Then, there is also the additional demand that comes from the corporate rentals market.
We are now in the midst of the busiest season for especially long-term rentals. Aside from renewals, this period usually sees a major influx of people wanting to either relocate or get into their own place.
At the top end of the market, there are areas such as the Atlantic Seaboard and City Bowl and Southern Suburbs now command rental rates of about 30%-40% higher on average compared to Johannesburg’s wealthiest areas such as Sandhurst, Westcliff and Dunkeld.
At the top end, Clifton now ranges to about R150 000 per month for a luxury apartment with direct beach access. Now R200 000 per month does not look too far off.
Let’s get back to the house, stated as “a lifestyle of unsurpassed luxury”:
Situated on one of the most exclusive beaches on the African continent, this remarkable designer apartment creates an extension of the spectacular views of ocean, mountain and the sky. It is a haven of tranquillity, which seamlessly reveals the true beauty of the Clifton beaches, the Atlantic Ocean and the Twelve Apostles. Indulge in grand living with a luxurious master suite. Two additional spacious bedroom suites and numerous amenities. Excellent security, communal pool & braai area, as well as direct access onto the beach.
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