Here’s a 3 bed apartment on sale in Mutual Heights for a hair under R3 million. It’s pretty big (244 m2) but the levies and rates would make you think it was even bigger.
If you buy this place be prepared to pay rates of R1 600 and levies of R4 376 for a combined outlay of R5 976. That’s over R70 000 a year that disappears into the air. You’ll need at least 2% capital appreciation just to break even on that!
Original Post on Cape Town Property Bubble: High Rise And High Levies: R70 000/year Incinerated