'Shift in market trends and mindsets' as apartment living increases in Cape Town

CapeTalk's Lester Kiewit speaks to Pamela Naidu of Devmco Realty.

Listen below:

Whether it is a foray into the world of independent living for a young adult or a way to scale down for an older person, apartments are proving to be a solid choice when it comes to property investments.

Naidu says, in recent years, apartments have become a popular investment.

"In recent years, the market has matured, buyers and investments are more discerning and apartments have proven to offer the kind of return, flexibility and tenant demand that stands the test of time."

- Pamela Naidu, Devmco Realty

Naidu explains that while there are still people buying freestanding homes, apartments might be more appealing, depending on where you are in your life, preferences, and what you can afford. 

"Location of the market is vitally important, savvy investors want the simplicity, they have the appetite for the location, convenience, the lock-up-and-go... a freestanding home is wonderful to have but an apartment is more affordable and we know that the trend of how people work and moving across continents becomes the option that is very viable for most people."

- Pamela Naidu, Devmco Realty

Naidu says Cape Town is the City most people want to semigrate to because of the infrastructure, service-delivery and lower unemployment rate than other provinces.

Apartment sale values range from R1.5 million to R3 million which is "very marketable" and what investors are willing to pay for apartments in Cape Town, adds Naidu.

"It's really because of the infrustructure, service delivery... I mean they [Cape Town] have a 95% average of service delivery to the population which is an astounding stat. And the biggest surge that's happening is there's a massive international tourism surge... "

- Pamela Naidu, Devmco Realty

Naidu lists some of the prime locations for investors:

"Stellenbosch, Somerset West and Macassar - there's a massive shift and well-appointed, N1, N2, Winelands, mountains and False Bay areas... so positioning is also important."

- Pamela Naidu, Devmco Realty

Scroll up to the audio player to listen to the full conversation.