CapeTalk’s Kieno Kammies has discovered the San Michelle complex parking bay, on the edge and overlooking Clifton’s ocean, going on sale for R990,000. According to Cape Town property strategist for FNB, John Loos, a “chronic land shortage” is common problem along the city’s Atlantic Seaboard.

Apart from wanting a private parking space, where you’ll have peace of mind about parking a really expensive car, the “super rich” also invest in a fair amount of entertainment and might even turn the parking bay into a helipad. John Loos said that he’s not sure whether this is a good investment, but he asserted that the super rich won’t have a problem splashing out one million for it.

So, imagine you were a millionaire or billionaire… Spending R1-million for a parking bay, that you’ll have all to yourself, wouldn’t be as extreme as it sounds right?

“Maybe I can rent out this parking bay to people who need parking and we can rent it out on an hourly basis. Maybe I’ll make back my one million Rand,” suggested Kieno Kammies. But according to John Loos, another issue with the Atlantic Seaboard is that there are a trunkload of high value properties being sold to very few of those who can afford it. The short term battle about renting parking spaces is “to value it correctly” – the market rental cost.

Cape Town is currently one of South Africa’s most expensive cities for parking. In March 2017, The South African revealed that the city’s government was looking at increasing parking fees by 69% – one more headache to add to the expensive hassle of owning a car:

• Expensive financing rates
• Costly vehicle insurance cover
• Fluctuating fuel interest rates
• Overpriced hourly and daily parking
• Outrageous maintenance and service costs
• Unreasonable road traffic fine charges – if any
• The list goes on…

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Click on the below image, to hear more about the interview: