Cape Town – The central city of Cape Town saw continued residential accommodation sales growth with 682 sales totalling R1.093bn taking place between January 2014 and June 2015.
Brendan Miller, CEO at Lew Geffen Sotheby’s International Realty Atlantic Seaboard, said the growing demand shows no signs of abating after a record year in 2014 when around 530 apartments were sold to the value of R856m. The CBD apartment market last peaked during 2007 with 463 sales to the value of R730m, he said.
“This equates to a very accessible average apartment price of R1.6m at an affordable R20 160m²,” said Miller. “We expect the average price per square metre in the CBD to increase quite dramatically towards the end of next year when several new developments in planning get to the transfer phase.”