Century City continues to buck the general slowdown in the residential property market with more than R52m in sales over the past two months.

Allen Usher, MD of Property World and the exclusive on site sales and letting agent for Century City residential properties, said that 20 sales of more than R29m had been achieved in December. Usually this is the quietest month for the residential property agents.

"This was followed by a further 16 sales in January, with a total value of just under R23m. This exceeded our sales of the previous January, when the residential property market was peaking," he said.

Property sales over the past two months comprised 21 apartments and houses in newly launched developments, and 15 completed homes in developments which have already been sold out. Usher said the media had recently been full of doom and gloom reports on the slowdown in the residential property market.

"However, we have seen little or no evidence of this at Century City, where more than 300 residential apartments or homes have been sold in the past 13 months for a total of R370million. It really goes to show that if you have a great product in an excellent location and are perceived to be offering value for money with growth potential you can't go wrong even when the general market has contracted."

Usher said the residential letting market at Century City was also extremely buoyant with 120 apartments having been let by their specialist letting division for investor-owners in recent months and an average of 20 new tenants being signed on a monthly basis.

Property World's rental division, he said, offers a full rental service catering for all types of tenants and ranging from furnished holiday apartments where a daily rate is charged through to short-term lets of a month or two to more longer term lettings. "Currently stock on our books is for homes in The Island Club, Century View and Villa Italia and recently a handful of units in Bougain Villas have become available. This stock is being added to as new developments and phases come on stream," he said.

Source: Cape Business News

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