AnalysisResidential News

Cape Town apartments are sought-after investments

Apartments are great rental investments provided they meet a few basic criteria, says Johan Meyer, licensee for Seeff Pinelands.

Cape Town apartments in the right location are particularly sought-after rental properties for a variety of reasons ranging from residential to student and visitor demand. The City boasts one of the most dynamic rental markets and save for disasters such as the Covid lockdowns and border closures, usually reward property owners and landlords.

Meyer says the development must be in a location where there is high demand to ensure a good rental return and optimal occupancy rate. Additionally, demand is also influenced by the type of units offered, amenities and proximity to businesses, schools and university areas.

A good example of a development which is ideal for rental investments, is the new PineworX apartment complex, says Meyer. It offers an outstanding location since Pinelands is central and within ten minutes of the Southern Suburbs, CBD and University of Cape Town and close to Old Mutual which is a big employer in the neighbourhood. It is also within walking distance of amenities including shops, schools and a sports club.

The five-storey complex offers a European-styled perimeter block design and modern living which includes fibre in all the units and Wi-Fi in the communal areas such as the lobby, roof terrace and parking.

On the ground floor is a retail level. 94 apartments are spread on floors one to four along with a communal roof terrace and leisure area. PineworX offers top class security with CCTV and access control including secure parking with a choice of open or undercover bays.

The configuration is ideal with a choice of apartments ranging from studio to one and two-bedroomed units. The interiors are modern with quality finishes including vinyl floorings (tiles in bathrooms) and engineered stone counters and SMEG stoves (microwaves in studios) in the kitchens. There is a choice of finishes so that buyers can personalise their units.

Buy to rent in PineworX from as little as R1 200 per month

Prices start at just R845,000 for a studio and 40% of the development is already snapped up. Meyer says if you invest for rental purposes, it could cost as little as R1 200 per month. He explains:

Assuming an 8% interest rate and a 30-year bond term with a 90% bond amount to purchase price and levies and rates deducted. Based on a rental return of about 7% of the investment (purchase price), your own contribution after bond repayments, levies and rates could be as little as R1 200 per month on a studio.

On the same basis, a one-bedroom apartment could cost you only R1 770 and a two-bedroomed unit, R2 700 per month, depending on the rental achieved.

He says if you purchase one of the bigger units, you could rent it out to two students at a higher rental return resulting in a lower monthly contribution. While there will be tax payable on the rental income, it should be comfortably offset by the investment growth. Currently, second-hand sectional title units are growing at around 5% per annum which keeps up with inflation.

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