Parking in Cape Town, particularly areas on the beachfront, is so hard to come by that residents will pay more than R1 million to own one.
That’s right, the sales of parking bays is actually a very real thing, and when you buy one you even get a title deed.
They don’t come on to the market very often, however, as those who are fortunate to own their exclusive piece of parking generally hang on to them.
So when one does come up for sale, it is almost guaranteed to find a buyer, especially in areas like Clifton where a parking bay on the rooftop of the San Michele apartment building in Victoria Road is listed for R1,5m.
“Entrance to the open-air parking lot has private security and access to Clifton's First Beach can be obtained via the building,” explains Knight Frank South Africa marketing agent Richard Olotu.
“With limited street parking in Clifton, a guaranteed parking bay like this one is highly sought-after, especially during Cape Town's peak season in summer when thousands flock to the beach.”
Speaking to IOL, Olotu explains that this price is the going rate for a parking bay in the area, although finding one to buy is very rare.
“Parking bays are priceless and they are in demand.”
Due to the properties in Clifton not having their own bays, buyers are always available. Thus, he says the “property” will definitely sell.
Experience has shown that they usually get snapped up for R1m to R1,2m as buyers negotiate the price as they do with any property purchase. But R1,5m is “more or less” the correct market value in the area.
Sellers generally give up their parking bays when they sell their properties or no longer have use for them. The seller of this particular bay was renting it out but is now selling it as she has sold her home, he says.
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