There’s no doubt about it, the property prices in the surrounding areas of Cape Town’s CBD are on the rise.  As more and more people need access to the city, but can’t afford to live in the city, we watch prices rocket.

So, because of the demand for housing in a closer proximity, houses in various suburbs are the chosen ones.

Like Observatory. Damnit.

Go back to where you came from, dude, and take your daddy-dropped-dollars Merc that’s too big for the one-way streets with you.

Kidding.

Anyway, it has now been established that over that past year, freehold houses in Sea Point and Green Point along the Peninsula’s Atlantic Seaboard have increased by as much as R1.4 million and R2.1 million respectively.

Here’s BusinessTech with some outrageous numbers:

…sales in Sea Point for the year ended July 2016, amount to 27 units sold to the value of just over R170 million at an average selling price of R6.3 million.

The average sales price is up considerably (29%), from just over R4.9 million for the previous 12-month period…

In neighbouring Green Point, some 26 units worth just over R199 million have sold over the last year at an average selling price of R7.6 million, a phenomenal R2.1 million or 38% higher than the R5.5 million average of the preceding 12-month period.

The same real estate agency says that a well-priced property shouldn’t stay on the market for longer than 55 days, so even those prices aren’t outting off prospective buyers.

My favourite is those people who buy a house, bash it down, and spend a year building a new place – that can house more people in separate spaces and rent it for double the amount. Every time.

[source:businesstech]