Living in the city not a passing fad

2015-10-20 06:00
A survey found the greatest percentage of residents in the city centre have lived there for more than five years and are keen to keep living in the area. 
PHOTO: 
Cape Town city improvement district.

A survey found the greatest percentage of residents in the city centre have lived there for more than five years and are keen to keep living in the area. PHOTO: Cape Town city improvement district.

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City living can’t be called a trend anymore.

This according to the latest online residential survey by the Cape Town Central City Improvement District (CCID).

Downtown residency is here to stay, with the greatest percentage of city-centre respondents saying they have lived there for longer than five years and have no plan to move elsewhere.

More than half own the property where they live and almost three-quarters of respondents live within 3km of their work or place of study.

The annual survey analyses residential trends in the city centre.

Tasso Evangelinos, chief operating officer of the CCID, says the top four reasons for wanting to live in the city centre are proximity to work, the idea of a downtown lifestyle, easy access to other suburbs and the fact that the city centre is considered safe.

The percentage of residents who have lived in the city centre for between five and 10 years has jumped to 24% from 5% a year ago.

Carola Koblitz, CCID spokesperson, says half of the respondents say the intend to live in the city centre for at least the next four years.

CCID chairperson Rob Kane says the growth in owner-occupied properties shows the city centre’s desirability as a residential area, rather than just a property investment.

“Property values have increased significantly in the past four years. In 2011 the value of all residential sales in the city centre was R115m. Last year that figure had more than doubled to R296m, despite the fact that there had been very little new residential development.”

According to Koblitz, the most city residents are aged between 25 and 44

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