By Dominique Herman

An 18m² parking garage in Clifton, Cape Town, has sold for R2-million, R400 000 more than the asking price of an apartment in the building.

The garage sale at First Beach Terraces on Victoria Road follows the sale in March last year of two other single-car garages there for R1,3-million each to one buyer.

Estate agency Remax is marketing a 39m² studio on the first floor of the same building that is just more than double the garage‘s size, for R1,6-million. It is billed as “the least expensive apartment in Clifton”.

Jawitz Properties branch manager Lara Derman said secure parking bays in the “inner city” sold for between R100 000 and R150 000 – usually in new residential developments.

An agent had recently sold one for R155 000 on Long Street. In Vredehoek, Oranjezicht, Tamboerskloof and Gardens, parking bays sold for between R40 000 and R60 000 and garages between R80 000 and R120 000.

“You‘ll never see prices like you see in Clifton,” Derman said, attributing the garage prices to the “nightmare” traffic and parking space being at a premium in the Atlantic Seaboard neighbourhood.

A Cape Property Services analysis revealed that the average sale price of a Western Cape home last year was R1,7-million.

In a four-month review of sectional title units, 13 Clifton properties sold at an average of R9,2-million, with a high of R20-million and a low of R1,95-million.