The cost of properties in the CBD

Following Justmoney’s article on the increase in residents in the central business districts (CBD) around South Africa, we looked at what you can expect to pay whether you want to buy or rent a property, and have the cosmopolitan lifestyle.
 
The most expensive residential property for purchase currently available on Property24 for the Cape Town City Centre is on the market for R24 million*. It is a three bedroom apartment with an Erf (the size of land marked off for building) size of 341m².
 
In comparison, the most expensive property currently listed on Property24 for the Johannesburg central area is a four bedroom house on the market for R3 500 000*.
 
While you can buy a two bedroom apartment with modern finishes for R1 990 000* in Durban Central, that will require little to no work, depending on your style and preferences.
 
Cheapest CBD properties
 
The cheaper properties available in the CBD appear to be older apartments and buildings that are in need of some TLC. For those who are looking to buy these lower priced properties, they may not have the additional funds necessary to update or improve some of the fittings and finishes.
 
These difference indicate the difference in the popularity and desirability of living in these regions, as well as the difference in the type of people and lifestyles that are present in these areas.
 
It appears that the Cape Town CBD is the most popular of South Africa’s CBDs for residential property at present, considering price and lack of availability. However, at the CCID presentation, it was noted that Johannesburg is currently embarking on similar initiatives that the CCID and others are undertaking in Cape Town.
 
The cheapest property currently available in the Cape Town City Centre according to Property24, is on the market for R790 000*. It has an Erf size of 33m², with one bedroom and one bathroom.
 
Cape Town also has a lot of new residential developments that are going up, catering for the increase in demand for residential property in the CBD.
 
In Johannesburg, the cheapest property available for purchase in the CBD is a small bachelor apartment for R130 000*.
 
For about R100 000 more you can get a slightly bigger apartment, however, some work may still need to be done to it. For example, there is a bachelor style apartment for sale in Johannesburg central for R220 000*.
 
In Durban Central there are properties available on the market for as little as R100 000*. However, these are very small, with an Erf size of 42m².
 
For R250 000* you can get an apartment with a smaller Erf size of 35m², but it requires less work than the above property and appears more picturesque. However, for those wanting a home, you may still want to do some work to the inside of the flat before moving in.
 
Rentals in a CBD
 
For rentals in the Cape Town City Centre, the cheapest apartments appears to be for R5 000 per month*.
 
When looking at the cost of rentals, it is important to double check that the price listed is either monthly or daily, as some of the more upmarket apartments are rent out purely on a cost per day basis, but these properties are usually for holiday purposes.
 
For a more expensive rental on a monthly basis, Property24 has a two bedroom apartment listed for R40 000 per month*.
 
Durban Central, by comparison, has a bachelor apartment available for as little as R1 865 per month*. The most expensive property currently listed for rental on Property24 for the Durban area, is a three bedroom apartment for R16 000 per month*.
 
There are a number of properties listed on the Property24 website that are available for rental in Johannesburg Central. The cheapest range from about R1 410* to the low two thousands for a bachelor apartment.
 
The most expensive apartment currently available to rent in Johannesburg Central is a two bedroom apartment for R8 500 per month*.
 
To read ‘Cosmopolitan lifestyle sees CBD grow’, click here.