A parking bay in Clifton has been sold for R1.65-million, according to Pam Golding Properties.

The parking bay, at the White Cliffs apartments on the Atlantic Seaboard, was part of around R167-million in sales for December 2017, one of the busiest along the Seaboard, said the property group.

Pam Golding Properties told Fin24 that most of the buyers and sellers are local Capetonians, or from Gauteng. In Clifton, there has been interest from European buyers looking for a holiday house on the Atlantic Seaboard.

Last year a parking bay in Bakoven was listed for R1,1-million – or R61 000 a square metre.

The cost of space in the city has sky-rocketed in recent years. One trend is for the development of ‘micro-apartment’ living – 20 square metres priced up to R1-million.

Dr Andrew Golding, CE of the Pam Golding Property group, said the start of the New Year has been stable for the property market, despite the water crisis in Cape Town and the volatile political situation in the country.

“With the economy expected to strengthen somewhat and interest rate hikes most likely delayed, the outlook for the local housing market is more upbeat this year. Just how much better, will become increasingly apparent in the weeks and months ahead.

The City of Cape Town will implement Level 6B water restrictions as of 1 February 2018, as the city moves towards Day Zero when residents will have to collect water at various distribution points.

The region’s dams currently stand at around 27% capacity.

“While traditionally the residential property market in South Africa experiences a quieter period over the festive season, from a Pam Golding Properties perspective we began the year on a high note – with our Atlantic Seaboard office experiencing its busiest December trading period on record, partly due to renewed confidence in the market now that there is some political stability.

“Given the current scenario with the National Budget pending in February and potential, further risk to our country’s credit rating, this outcome was not surprising, although it is hoped that lower inflation and a less volatile political environment will facilitate a move towards a rate cut in the near future,” Golding said.

Article written by

Nidha Narrandes

Nidha Narrandes is a food-obsessed travel addict with 21 years of journalism experience. Her motto - Travel. Eat. Repeat. She is happiest on a road to nowhere without a plan. A masterchef at home, she can't do without chilli - because chilli makes the world a tastier place.