Residents of Cape Town will pay over R1 million to own a parking bay because they are so hard to come by, especially in areas along the beach.
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Parking bay sales are a genuine business and purchasing one even comes with a title deed.
Those who are lucky enough to own their own private parking space, however, tend to hold onto them, so they do not come up for sale very often.
A buyer will therefore almost certainly be found when one does come up for sale, particularly in Clifton, where a parking bay on the rooftop of the San Michele apartment building on Victoria Road is listed for R1.5 million.
‘Entrance to the open-air parking lot has private security and access to Clifton’s First Beach can be obtained via the building,’ explains Knight Frank South Africa marketing agent Richard Olotu.
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‘With limited street parking in Clifton, a guaranteed parking bay like this one is highly sought-after, especially during Cape Town’s peak season in summer when thousands flock to the beach.’
Speaking to IOL, Olotu explained that this was the going rate for a parking bay in the area, though finding one was challenging.
Buyers are always available in Clifton because the properties lack private bays.
He said that the ‘property’ would sell quite easily, adding that experience has shown that the going rate was between R1 million and R1.2 million but could fetch the asking price.
Olutu claims that when sellers sell their properties or decide they are no longer needed, they typically forfeit their parking bays. After selling her house, the seller of this particular bay was renting it out, but she is now selling it.
In 2018, a parking bay in Clifton was 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.
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