[imagesource: Property24]

The property market, like many things, is defined by supply and demand.

When we went into that initial COVID-19 lockdown, for example, all those apartments in and around the Cape Town CBD that had operated as Airbnbs were suddenly in the dwang.

This led to a surge in listings for both rentals and sales and a drop in the price.

Slowly but surely, we are returning to normal and listings for micro-apartments in Sea Point show the demand must be strong.

Insert obligatory joke about how “nature is healing”

Micro-apartments around Cape Town are nothing new – the only way to make property affordable is apparently to make it smaller – and a tweet doing the rounds this week perfectly illustrates that:

Cape Town property developers have jokes. You can see the entire 24m apartment in one photo. And at R1.6mill you can buy parking separately pic.twitter.com/VdZQCnhxxz

— Jess Manim (@jesstingaround) July 12, 2022

Allow me to point out that the TV in said micro-apartment is showing Netflix’s Abstract: The Art of Design, a series which looks at modern contemporary design with some of the world’s most highly regarded designers.

Somebody has a sense of humour, while the same can’t be said for many of the responses to the above tweet.

I used my sleuthing skills (minimal effort required) to find the listing in question on Property24 and here’s part of the write-up:

Intelligently and thoughtfully designed, this Micro unit conceptualises a modern playfulness and discerning attention to detail. Located on the fifth floor, this Micro apartment comes with unique and contemporary Blok Raw finishes and a chef-grade Smeg free-standing stove…

The building boasts green, landscaped spaces with an urban garden. The building will also have an interactive arcade space with retail amenities, as well as an activated entertainment pool deck with spectacular vistas, owing to the design and orientation of the building which gives maximum frontage to mountain and ocean views

As Jess’ tweet notes, “parking spots are also available to purchase”.

I’ve intentionally left out the development’s name here because these designs, and these prices, are actually really common these days.

Here’s another R1,6 million, 0,5-bedroom micro-apartment in Sea Point listed on Property24:

At least that one is 32 square metres and comes with a storeroom.

Let’s see one more 0,5-bedroom apartment in Sea Point listed on Property24 for R1,625 million:

[The development] has been deliberately conceived as a master-stroke of innovation to revive the slumbering Atlantic Seaboard property market and excite a new generation of investors.

This integration of architecture and furnishing is a game-changer, giving every buyer the best possible combination of custom-crafted furniture and interior design.

Integrating the furnishings with the architecture allows us to maximise the efficiency of a compact living area, which can be hard to do when owners bring in their own pieces.

26 square metres in case you were wondering.

Look, I get it. Most buyers are going to put it on Airbnb and hope that income covers the bond. If it works out, you have a property to your name and you only put in whatever your initial payment was, or something along those lines.

In that respect, property developers will continue to design these buildings and people will continue to buy them. The market dictates it.

That doesn’t change the fact that, for the average Capetonian, paying in excess of a bar-and-a-half for less than 30 square metres is far from ideal.

[sources:property24&property24&property24]