Micro apartments are finding increasing favour among buyers and investors looking for an edgy lifestyle in prime convenient city locations.
Designed for comfort, many of these tiny apartments have been elevated to luxury status with high-design makeovers. For buyers who choose to live in these apartments, the focus is to enjoy a lifestyle with less furniture and clutter.
Micro apartments offer an affordable self-contained, open-plan living space designed to accommodate a bedroom, sitting area and kitchenette. According to the Dogon Group Properties, they measure between 14m2 and 33m2 and are located in the city centre close to all amenities.
“The growth of this global trend in micro-living is driven by convenience, location and price. In addition, they cater for a wide range of buyers,” says the agency.
Buyers include young professionals, students, business travellers, home owners downscaling to smaller properties and investors for Airbnb purposes.
With falling house prices and low interest rates, buyers – especially first-time buyers – are choosing to purchase micro apartments to gain a foothold in the property market.
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Dogon agents Keith Anderson and Byron Kruger say micro apartments in Cape Town are selling reasonably fast. In Cape Town, micro apartments are found in The Ivory in Sea Point, 1 On Albert, Woodstock, Foreshore Place and the City Centre.
According to Anderson and Kruger, the live-work-play lifestyle, and easy maintenance, is a drawcard for buyers.
“This is a new trend for South Africa, but not for the rest of the world. In Paris for example, it’s not uncommon for people to live in apartments of 20m2 in the inner city.”
Size and prices
They say less is more when it comes to apartment living. Micro apartments offer the necessary essentials, and measure between 16m2 – 25m2, and priced between R799 000 – R1,5m.
Compared to average apartments (and coupled with their lifestyle offerings), these apartments are more affordable, according to the agents.
Read also: Buyers’ market with real house prices set to fall for 5 more years – property cycle expert
Anderson and Kruger say prices depend on the developer. While some developers sell furnished apartments, other developments do not offer parking that weighs on the price.
Entry-level prices for studio micro apartments in Woodstock are around R1,095m which is significantly more affordable for investors who may want to look beyond buying a one- or two-bedroom apartment.
“Lower prices also enable investors to purchase more than one apartment to spread the risk across multiple sources,” they add.
