r ct.jpg Gone are the days when almost any property on the Atlantic Seaboard turned a profit without much effort.
Property buyers are pushing back on overpriced stock, particularly at the top end of the apartment market.
Commenting on the Atlantic Seaboard rental market, NOX Cape Town says average rents reached R11,894 per month with 6.8% annual growth in the last quarter of last year, positive for landlords in the near term, but affordability is increasingly acting as a brake.
“Some segments of the workforce are being quietly priced off the Seaboard entirely, which has longer-term implications for rental growth trajectories and the depth of the tenant pool, says Nick Taylor, MD at Nox.
“Gone are the days when almost any property on the Atlantic Seaboard turned a profit without much effort. The market has matured, and with it, the gap between the right buy and the wrong one has widened considerably.”
