More South Africans are ‘semigrating’, and taking their families and businesses to Cape Town. ‘Semigrating’ to Cape Town seems to be a better option than emigrating for wealthy Durban and Gauteng residents. It’s not only the exorbitantly high cost of emigrating that you need to consider, but the cost of living in other first world cities around the world which is higher. Cape Town provides a familiarity and similar level of lifestyle that is much lighter on the wallet.
According to Expatistan, which is a cost of living calculator that allows you to compare the cost of living between cities around the world, the cost of living in Toronto is 86% more expensive than Cape Town, with transportation and housing being the big cost drivers. The cost of living in Brisbane versus Cape Town is 72% higher, with housing being 63% higher in cost. Living in London will cost you 134% more than living in Cape Town with housing being 151% higher, transportation 236% higher and food 81% higher. Doing your research into the cost of living in your chosen city is essential before making any firm decisions to move.
Semigration on a permanent basis is also becoming a viable option especially for wealthy KZN and Joburg residents who already have holiday homes here in Cape Town and are looking to sell their existing properties and buy a larger single level apartment that suits their luxury lifestyle needs.
All of these factors along with the current hybrid work model are all playing in Cape Town’s favour. The recent regeneration of areas like Sea Point, once a neighbourhood of older homes is becoming a viable option with developers seeing the huge potential in rebuilding these old homes located in prime locations. Local property group Axis focuses on purchasing older properties, knocking them down and rebuilding them to fit a specific lifestyle.
WHY CAPE TOWN
Cape Town has been voted the eleventh best city in the world, trumping iconic cities such as Sydney and London. It has some of the most beautiful scenery in the world. The Mother City has been on the international radar for a while now, particularly the Atlantic Seaboard. While the Waterfront was a big catalyst in the 1990’s for tourists, the Atlantic Seaboard is fast becoming a more popular option offering an unparalleled luxury lifestyle. Nestled between the Atlantic Ocean and the rugged foothills of Table Mountain, the Atlantic Seaboard, or “Riviera” as it is known to locals, is one of the most beautiful and diverse regions in the world.
There is a big trend of Germans buying in Cape Town, German investors have a surprisingly healthy appetite for South African real estate. We are also seeing similar trends happening in the high end property market as seen in other cosmopolitan cities such as Lisbon, where tourists are not just visiting Cape Town as a once-off bucket list holiday, they are returning and extending the length of their visits, some up to 3 to 6 months at a time – a trend set by the “Swallows” who settle in Cape Town to avoid the harsh European winters.
BUILDING A PRODUCT TO MEET A LIFESTYLE
The rise of ‘apartment living’ – the simplicity of living on one level is not a recent trend. This trend has been consistently gaining popularity in Europe and is gaining traction in North America as well. People are happy to pay a premium price for a certain type of luxury lifestyle and convenience. Apartment living is a simpler way of living, which translates to a happier, lower-stress life. A simpler lifestyle provides the space to figure out what matters most and the freedom to focus on these things.
The Axis Group specialises in the development of luxury homes in Cape Town’s most sought-after neighbourhoods along the Atlantic Seaboard. Axis caters to a very niche market, most of their buyers are cash buyers who are financially astute. They are looking for a certain type of lifestyle looking to invest in both a home, and an exclusive coastal and urban lifestyle.
Niche, lock-up-and-go, large single level apartments around 550 square meters are the most popular options in this market right now. These buyers want a certain aesthetic, large areas that flow from internal to external, a garden, a stunning pool,a great view and of course a property designed for entertaining.
R27,5 MILLION APARTMENT SALE
Axis property group recently sold one of their garden apartments at the La Croix development in Fresnaye for R27,5 million. The buyer is a South African living in the UK who previously had a holiday house here. He bought a place in Italy that he’s busy renovating and wanted a lock up ‘n go luxury apartment in Cape Town. This is the lifestyle of the buyer profile, they want the luxury, position, convenience and of course security of a lock up ‘n go apartment, and have a very ‘international’ lifestyle.
The La Croix apartment located in Fresnaye occupies an entire floor and is designed with dynamic internal and external spaces. The spacious open-plan areas flow out into the external balcony and create a seamless connection between the indoor and outdoor areas. The courtyard layout of the apartment offers a calm and tranquil environment with a true sense of privacy, while the large swimming pool with decking area, built-in seating and landscaped garden provide the ideal space for entertaining.
Axis has been working with an award winning Italian Architect at Forte Architects for a few years. The Architect has been instrumental in developing the La Croix apartment as well as their other high end properties located along the Atlantic Seaboard.
For more info on Axis Property and their upcoming developments, visit the website: https://www.axis.co.za/