Why buying in the city makes sense

The first residential tower of the Amdec Group’s Harbour Arch development is almost sold out. And this is in spite of a tough property market in Cape Town. So, what is it that makes buying in the city CBD such an attractive option for buyers and investors? There are several reasons, including the following four.

1. No traffic jams
South Africa is one of the worst ranked countries in terms of traffic congestion – it placed 8th on the 2017 Global Traffic Scorecard which investigated 15 countries in total. So, it should come as no surprise that one of the most attractive reasons for moving to the city is the precious time saved by living within walking or cycling distance of the office. What’s more, with Uber just a click away at any given moment and a network of MyCiti buses to hop onto, city dwellers can choose to save on expensive car repayments and maintenance and still get around quickly and easily.

2. Less upkeep
While you may have more space to play with in the suburbs, bigger properties also mean greater maintenance costs. On the flipside, a smaller city apartment means you’ll spend less time (and money) maintaining your home, leaving you with more time to enjoy the city.

3. Great lifestyle
There’s an almost endless list of things to love about city living: Fabulous restaurants serving up just about every type of global cuisine, trend-setting coffee spots on (almost) every corner, rooftop bars and sophisticated hangouts within walking distance, easy-to-access health clubs and so on. And interestingly, when reporting on the findings of a study conducted by Oxford University and the University of Hong Kong in 2017, The Guardian stated that, “Residents of higher-density areas are more active, more socially engaged – and less obese – than people who live in the sprawl of suburbia.”

4. Solid investment
Cape Town has just cleaned up at the 2019 World Travel Awards and recently secured 12th place on the Time Out 48 Best Cities in the Worldlist, ahead of top destinations like Barcelona, Miami, Singapore, San Francisco, Dubai, Sydney, Rio de Janeiro, Istanbul and Lisbon. The CCID has also played a key role in the rejuvenation of the city, with the East City Precinct – the part of the city that is home to Harbour Arch – enjoying some recent attention. And finally, residential apartments in the Cape Town CBD are consistently in high demand, generating rental returns and capital growth that are among the highest in the country.

1. Use an online bond calculator to work out what you can afford. Don’t forget to include additional costs like homeowner’s insurance, rates and utilities etc.
2. Get your finances in order before you approach the banks to find out what they are willing to lend you.
3. Visit the apartment you’ve got your eye on more than once and make sure you see it during the day and at night to check the amount of light, noise levels etc. If there’s a parking bay included in the purchase price, take a look at it too.
4. Spend some time exploring the area around the apartment. Visit the local coffee shop, identify the nearest shops and, if you’re planning to use public transport, time how long it takes you to get to the bus stop or station.
5. If you’re buying into a new development, research the developers to make sure they have a good track record.