Value for money and trendy lifestyle in Cape Town’s Central City

Cape Town’s Central City has become a sought-after residential address for young professionals, who are drawn to its vibrant lifestyle, modern apartments and convenient location.

Pam Golding Properties (PGP) reports a recent increase in enquiries from buyers aged under 40 – a trend borne out by Lightstone statistics, which indicate that around 30 percent of all recent buyers in this area fall into the age category from 18 to 35, while over 60 percent are under the age of 49.  PGP says the Central City lifestyle is extremely attractive to young people, while the good range of affordable properties makes this an accessible area for first-time buyers.

PGP’s area manager for the City Bowl and Atlantic Seaboard, Basil Moraitis, says the highest demand at present is for two-bedroomed apartments with secure parking, priced in the R1 million to R1.5 million price range.  “There is a very good selection of stock on the market at present,” he says, “across all price ranges.  And there is excellent value for money on offer - it is possible to buy a bachelor apartment for as little as R600 000, or a large modern apartment in a new building for under R2.5 million.”

Moraitis says many of the city’s older blocks have been renovated over the past seven years, with upgrades including the installation of new elevators and more modern finishes.  “Buildings such as Mutual Heights, Mandela Rhodes Place and Cartwright’s Corner offer superb communal facilities,” he adds, “such as gyms, sheltered swimming pools, and 24-hour security.  Residents can live in comfort and safety in a vibrant, trendy location, within easy walking distance of their favourite cafes, bars and restaurants.  Those employed in the Central City can even walk to work, while the MyCiti bus service provides reliable, affordable and convenient commuting to the V&A Waterfront, the City Bowl and the Western Seaboard.  With Cape Town being chosen as the Design Capital of the World for 2014, the spotlight is firmly on this area and its development as a trendy, modern residential node.  In short, it is a highly desirable place to live for those who want a secure, easy-to-manage lifestyle in a convenient central location.”

Anyone seeking proof of investor confidence in the area need look no further than St George’s Mall, where the redevelopment of Newspaper House is fast approaching completion.  The historic landmark has undergone a R150 million revamp, due for completion by the end of this year (2012).  Independent Newspapers will remain the major tenant on the upper floors, while developers Ingenuity Property Investments are installing retail tenants on the ground floor – among them a Food Lovers’ Market, a very welcome addition to the city for aspirant chefs and “foodies”.

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