Photo: Twitter
Photo: Twitter
Wealth experts Knight Frank have released their latest report on luxury residential markets. The PIRI 100 Review of 2020 shows just how far $1 million (or about R14.5 million) can go on various property ladders across the world. Cape Town, alongside 19 other opulent cities, features on the list – and the results are eye-opening.
Pandemic ravages Cape Town property market
Cape Town’s property market slumped by more than 9% last year, beaten only by Buenos Aries in Argentina, which saw its leasing market collapse by 12%. According to the experts, a complicated system for buyers is hampering recovery efforts. No such problems have been experienced in some of the ‘bigger-hitting’ nations, however:
“Buenos Aires (-12%) occupies the bottom ranking this year. With properties priced in US dollars, but mortgages offered only in pesos, not to mention capital controls, buying property in Argentina is far from straightforward.”
“Despite Asian markets occupying a number of the higher PIRI rankings, Australasia and North America were the top-performing regions in 2020, averaging annual growth of 4.9% and 6.3% respectively. Both regions saw a surge in pent-up demand as lockdowns eased and homeowners re-evaluated their lifestyles.” | Knight Frank
What can $1 million buy you in Cape Town?
From all the data shared by Knight Frank on Tuesday, the graphic featured below gives us the most visually-engaging information. The group have looked at the number of square metres of prime property $1 million can buy. In some cities, it wouldn’t so much as buy you a box room – but in others, it would allow you to live a life of luxury.
Thankfully, Cape Town is in the latter category. In the city comparison, CPT offers buyers the second-best value for money: A million bucks will land you with a 203 square-metre property (on average), bested only by Sao Paolo, which can offer a 252 square-metre home at the same price. The less said about Monaco, Hong Kong, and London, the better.
For $1 million in Cape Town, you could buy…
Six-bedroom houses, prime real estate in Camps Bay, and luxury apartments:
OR, you could treat yourself to desirable spaces in the most sought-after suburbs:
