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Cape Town’s property market is so whack – a parking bay is selling for R1.1m

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Parking bay in Bakoven, Cape Town Parking bay in Bakoven, Cape Town

We’ve told you before that the Cape Town property market is taking the piss. But please, indulge us with the latest stupidity.

A parking bay in Bakoven, Cape Town, has been listed to sell for R1.1 million – or R61 000 a square metre.

The listing describes the 18 square meter pay as being part of a well-run, small sectional title complex, with easy access to Camps Bay’s main thoroughfare, Victoria Road.

It is “perfectly situated within walking distance to the Camps Bay Beachfront, as well as Bakoven’s bungalows and beautiful beaches,” said sellers, Marion Taylor properties.

Uh huh. Okay. Seriously, a flippen GARAGE, guys. For a bond cost of over R10k a month. The advert tries to sell it as an apartment. We can’t even.

It seems that the property isn’t selling, though. The listing seems to indicate it first came on the market in July this year.

Now, look. we know space in Cape Town is at a premium. And this isn’t the first parking bay that has been listed for such a hefty price.

Also this year, there was a parking spot – not even with a garage door – listed for R990 000 in Clifton. On this occasion, the estate agents tried to sell it as a ‘plot of land’.

No wonder people are freaking out about the ‘water tax’ being tied to property values

Cape Town is South Africa’s hottest property market and has the highest prices in the country, accounting for seven of the top 10 priciest areas per square metre.

As far back as 2009, Pam Golding Properties sold single basement parking bays in two Clifton residents for R580,000 and R750,000. Another sold for a staggering R2 million in 2008.

We know space in the city is at a premium and everyone wants to live in Cape Town, but this is nuts.

 


 

Source

TheSouthAfrican

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