“According to Expatistan, a cost of living calculator that allows you to compare cities around the world, the cost of living in Toronto [in Canada] is 86% more expensive than Cape Town, with transportation and housing the big drivers. The cost of living in Brisbane [in Australia] versus Cape Town is 72% higher, with housing 63% higher,” the company said.
“Living in London will cost you 134% more than Cape Town, with housing 151% higher, transportation 236% higher and food 81% higher. Doing research into your chosen city is essential before making decisions to move.”
Hybrid working and the rise of “apartment living” were other factors affecting the Cape Town property market, Axis said. Tourists who enjoyed the city were returning as investors, seeking accommodation for longer stays.
“They are returning and extending the length of their visits, some up to three to six months at a time — a trend set by the 'swallows’ who settle in Cape Town to avoid the harsh European winters,” the statement said.
The R27.5m La Croix flat in question occupies one floor and includes a large swimming pool with decking area, built-in seating and landscaped garden.
TimesLIVE
South African buyer pays R27.5m for Cape Town flat as top-end market surges
Image: supplied
A Cape Town “lock up and go” flat has sold for R27.5m, signalling continued appetite for top-end residential property in the city.
The Fresnaye garden flat at the La Croix development sold to a South African living in the UK, according to the Axis Property Group. The buyer owned a holiday home in the country, but wanted something more manageable.
“He bought a place in Italy that he’s busy renovating and wanted a lock up and go luxury apartment in Cape Town,” Axis said on Monday.
“This is the lifestyle of the buyer profile: they want the luxury, position, convenience and of course security of a lock up and go apartment, and have an ‘international' lifestyle.”
The purchase illustrated the continued demand for luxury Cape Town property amid a surge of “semigration” from Durban and Gauteng, Axis said. Cape Town property was attractive to international buyers due to the soaring costs of living in other overseas cities.
Lanseria’s Fluent lounge helps lift anxiety of travelling
“According to Expatistan, a cost of living calculator that allows you to compare cities around the world, the cost of living in Toronto [in Canada] is 86% more expensive than Cape Town, with transportation and housing the big drivers. The cost of living in Brisbane [in Australia] versus Cape Town is 72% higher, with housing 63% higher,” the company said.
“Living in London will cost you 134% more than Cape Town, with housing 151% higher, transportation 236% higher and food 81% higher. Doing research into your chosen city is essential before making decisions to move.”
Hybrid working and the rise of “apartment living” were other factors affecting the Cape Town property market, Axis said. Tourists who enjoyed the city were returning as investors, seeking accommodation for longer stays.
“They are returning and extending the length of their visits, some up to three to six months at a time — a trend set by the 'swallows’ who settle in Cape Town to avoid the harsh European winters,” the statement said.
The R27.5m La Croix flat in question occupies one floor and includes a large swimming pool with decking area, built-in seating and landscaped garden.
TimesLIVE
Would you like to comment on this article?
Register (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Trending
Related articles
Latest Videos