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THE STATE OF CAPE TOWN CENTRAL CITY REPORT 2018

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RESIDENTIAL

VALUES suggests buyers are professionals who may not yet have started families, or out-of-towners investing in a city flat to use when working in the CBD. The chart below shows the median price of sectional title properties sold in the CCID footprint.

This bespoke data series was created for the CCID by property research company Lightstone. The median price of an apartment sold in the CCID area was R2.1 million, an increase of 97.6% over the past five years, when the semigration trend to Cape Town was accelerating strongly.

CAPE TOWN CCID FOOTPRINT: SECTIONAL TITLE PRICES (RM, MEDIAN)

2.5

2.0

1.5

1.0

0.5

SOURCE: Lightstone CCID footprint

40

2018

2017

2016

2015

2014

0.0 2013

The residential property market in the CCID precinct continues to grow as new developments – such as the Sentinel and the Onyx – attract new homeowners to the centre of town. Just over a third of current homeowners in the CBD have owned their homes for 11 or more years, unusually low against the estimated national norm of 50%. This suggests either a relatively high turnover, or it is a reflection of the high number of new developments coming on to the market. During 2018, just under a third of buyers were young adults (18-35 years), many of whom were likely to be firsttime buyers. The largest age cohort of buyers (42%) last year were middleaged (36-49 years), which suggests professionals moving to the CBD. The low number of first-time buyers could be attributed to the lack of affordable properties in the area. Given that the accommodation is almost entirely sectional title, the older age profile

Profile for Cape Town Central City Improvement District

The State of Cape Town Central City Report 2018  

Looking back at 2018 in terms of the economic and investment climate of the Cape Town CBD.

The State of Cape Town Central City Report 2018  

Looking back at 2018 in terms of the economic and investment climate of the Cape Town CBD.

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