What would you do with R100-million today? Why not buy an apartment. It is reported that there are three penthouse apartments up for sale at a new development at the Waterfront in Cape Town each going for about R100-million. The apartments are part of a new R1-billion Tower Marina development scheduled to be completed next year. Each apartment comes with four bedrooms, a terrace with a swimming pool, a gazebo lounge, a wine cellar, a study and a music room. From the apartment you will have stunning views of Table Mountain and Robben Island.

Property in South Africa still remains as a top investment option. Many people today are looking to enter into the property market in one way or the other, may it be purchasing a house you think will appreciate in value over time or purchasing an apartment off plan with the view that its value would have gone up by the time it has finished being constructed. Many options are available today to enter the property market, one just has to look carefully and seek advice from those in the know how.

The R100-million apartments at the Waterfront may not be an investment opportunity may people maybe able to get into but there are other relatively priced luxury apartments across South Africa that one can look at as investment options. Based on the report in the Sunday Times about the R100m apartment, it was said that the R100m apartments are ‘pretty inexpensive’ compared to similar properties in other countries across the world. It is reported that some penthouses have sold for as much as R300-million with one in London being sold for the equivalent of R1.2-billion.

Many foreign investors are keen on investing in property in South Africa as they still find it as a relatively cheap option if they are purchasing in dollars, pounds or euros. An investor in London may have better luck using their pounds to purchase an apartment in South Africa rather than in London. For the same amount they are likely to find a better property in South Africa than London. This then brings in the debate on whether foreigners should be allowed to own property in South Africa.

With the current high interest rate climate being faced in South Africa today, fewer and fewer South Africans are able to afford buying properties today and as a result the property market is slowing down. There will be properties available on the market for sale but people will not be able to buy them as they can not afford them. This then provides a perfect opportunity for the foreign investor to come in and purchase properties in South Africa.

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