More pros than cons when living in a world-class city
Category The Property Market
WHILE living in or near popular tourist precincts offers benefits for property owners and residents, there is also a knock-on effect on the prices of food and entertainment in these areas, says Taryn Lewis, Pam Golding Properties agent for the City Bowl.
Residents may also have to contend with increased traffic during peak periods.
“Tourism has grown dramatically over the past few years and there is no doubt the increased number of tourists can at times be overwhelming for residents living in tourist hop-spots,” she says.
However, most residents in these districts choose to travel during the busiest tourist seasons, letting their homes.
Buyers in these areas also know what to expect and they enjoy the vibe.
John Chapman, a director at the Rabie Property Group, says noisy precincts and facilities attract younger buyers looking for 24-hour all-go environments, but are unlikely to attract older buyers looking for peace and quiet.
Green Point and Sea Point experience congestion when there are sports events or concerts at the Cape Town Stadium, says Anne Porter of Knight Frank Residential, but the urban planning has been “well thought out”.
Free MyCiTi buses and the Fan Walk have helped to move thousands of people to and from events efficiently.
“This occasional inconvenience is balanced by the fact that property prices have risen, infrastructure has been drastically improved, and the local economy has benefited dramatically.”
The positives of living in “an iconic world-class tourist destination” generally outweigh the negatives, Porter says.
Author: Knight Frank
