Here’s a nice looking 210m2 loft in Cape Town on the market for R2.2m. Now on a R/m2 basis that isn’t too bad (+- R10 000/m2), although it only has 1 bedroom in that 210m2 space…
What is bad though is the massive R5 100/month combined rates and levies (Rates: R2500, Levies: R2600). That’s over R60 000/year that you will never see again.
Over 3% in capital appreciation is required every year just to make back the money spent on rates and levies.
Original Post on Cape Town Property Bubble: High Rise And High Levies: R60 000/year Evaporated

