EVER increasing property prices in Cape Town may be causing broad smiles and joy for those selling, but increasingly, local South Africans are getting left behind.
A quick comparison of free standing houses shows that in uMhlanga, Durban, a three-bedroom house on average costs R5 million, while in Sea Point, Cape Town, the average cost is R2 million more, at around R7.7 million.
According to Ross Levin, a licensee for Seeff Atlantic Seaboard and City Bowl, apartment sales in the City Bowl/CBD were worth over R1.2 billion last year. He said 46% of the apartments sold for under R2 million while 30 apartments sold above R5 million, and some sales were in excess of R10 million.
Factors such as urbanisation, traffic congestion, and the need to live closer to work…