Cape Town short-let bylaw amendment good news for landlords and agents
New municipal bylaw amendments by the City of Cape Town will allow “short-term letting from a house or flat for a period not exceeding 30 consecutive days for the same guest”, once promulgated in the Provincial Gazette.
Johette Smuts from PayProp says that while the amendments might mean an increase in rental in an already expensive city centre, the announcement is great news for landlords, and potentially positive for rental agents too.
“Previously, only single residential houses had the right to provide short-term letting (with the correct zoning). Body corporates, homeowners’ associations and other governing bodies retained control of short-term letting according to their own rules,” says Smuts.
While Airbnb believes this bylaw complements their model and has the ability to boost tourism in Cape Town, it could mean that the number of flats available for longer-term letting will decrease, as landlords can increase their income when focusing on more expensive short-term lets.
Why summer holidays are a good time to sell your property
Have you noticed how many of the For Sale boards in the suburbs seem to disappear the minute schools close for the December break?
“This generally doesn’t happen because everyone’s gone away, or because estate agents also feel like a holiday, but because home sellers have the impression that buyers don’t go property shopping in the festive season and that it is thus a waste of time to try to sell during this period,” says Berry Everitt, CEO of the Chas Everitt International property group.
“However, this is really not true. In fact, the summer holidays are often particularly busy home-buying times - and not only in SA’s beautiful coastal towns and cities - because this is when those who have been transferred for work, those who want to move to live closer to certain schools and those who want to buy for any other reason are most likely to have the time off to find a new home.”
More estate agents than ever vying for a slice of the shrinking Cape Town pie
With almost 40 estate agencies currently listing properties for sale in the Kenilworth area, it is even more critical than ever that sellers carefully consider the options when appointing an agency to sell their homes.
According to Marc Plastow of Lew Geffen Sotheby’s International Realty in the Southern Suburbs, there were 38 companies advertising properties last month, but he says the total number of companies operating in the area could well be higher, as they may not have had stock at the time.
“There has been a marked increase in the number of real estate agencies and agents in the area over the last 12 months, possibly even doubling since the beginning of 2018.
“Some are well-established agencies and others are small unknown brands or new businesses, all vying for a slice of the pie in a decidedly buyer’s market.”
Jewel City and Towers Main set to revive Joburg's inner city
The transformation of the City of Johannesburg will continue with a resurgence of life and community in its inner city in 2020, driven by two major Divercity Urban Property Fund developments.
Residents have already started moving into the vibrant new ‘live, work and play’ neighbourhood that has been created in inner Joburg as a result of two development projects - Jewel City precinct and Towers Main. Together these initiatives, which represent a substantial investment, are changing the face of Johannesburg’s CBD, says Derrick Pautz, Atterbury Development Manager.
“The market response from retailers and residents alike has been positive beyond our expectations, which reaffirms that Towers Main and Jewel City are ideally suited for what people want from inner-city living. There is no doubt that they are going to be the best place to work and live in Joburg central,” says Pautz.