The good news is motorists will soon have the opportunity to purchase their own parking spot in the city. The bad news is, it could cost you more than the car you drive.

Motorists in the Mother City spend a lot of time roaming around to find a parking spot. The endless parking space hunt is frustrating and when you do eventually find one, it costs you a hefty hourly rate.

There are now possibilities for some motorists to circumvent the problem by simply purchasing a private parking bay of your own.

The Tower Property Group is undertaking a massive construction project between Cape Town and Green Point, in De Waterkant area. This construction project includes a large basement parking area, 19 luxury apartments and storerooms.

The property group is offering stressed motorists much-needed alleviation with the chance to have their very own parking bay for the bargain sum of R570 000 a bay as opposed to the hefty millions others have paid.

Recent sales in Cape Town have ranged from R570 000 a bay in De Waterkant areas to R1.1-million in Bakhoven areas, according to a report by Tower Property Group.

It is a well known fact that property in the Mother City can set you back a few millions, but this crazy price tag extends to private parking bays too.

In 2017, a rooftop parking bay belonging to San Michele apartment complex on Victoria Road, Clifton, sold for a hefty price of R1-million.

These pricey parking places came close but the top spot by a basement parking bay sold by Pam Goldings Properties for a rumored R2-million in 2008.

Other basement parking bays in different developments sold for R750 000 and upwards.

The new parking, under construction by the Tower Property Group, will have 141 parking spots available that will service the buzzing Cape Quarter Precinct.

Pictures: Pexels

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