We’re living in a time where a parking bay is worth more than a three-bedroom house with a garden. Of course, context – and locale – is everything, but this listing on Property24 shows just how much of a difference location can make.
Being within sniffing distance of the Atlantic Ocean, the listing describes the parking bay as 18m² in size, secure and private. Its location in the affluence of Bakoven lends itself to being “within walking distance to the Camps Bay Beachfront, as well as Bakoven’s bungalows and beautiful beaches”. A garage comes included in the Victoria Road space that is currently valued at R1.1-million. This smashes the record of the reported Clifton parking bay which went on the market for R990 000.
A case study of great disparity within Cape Town? A bargain destined to be snapped up by the comfortable hand of foreign wealth? And when it sells, will it continue to set the trend for further rapid inflation of the local property market? You decide. The listing has been active since July 2017. Keep your eyes on the trend of Atlantic seaboard parking bay price increases.