Demand for smaller homes has been growing in recent years, and because many buyers who are considering downsizing are used to the larger homes South Africans have traditionally enjoyed, effective utilisation of space is becoming a primary factor in decision-making.
"More and more people are embracing the idea of smaller, low-maintenance homes that don't demand the sacrifice of all our ever-dwindling leisure time and spare cash to maintain, but there are a number of concerns such as perceived pokiness and a lack of storage space," says Jill Lloyd, area specialist in Rondebosch and Claremont for Lew Geffen Sotheby's International Realty.
"However, just because a house is smaller it doesn't have to be dark and cramped. I think we only need to look at the type of houses you find in London to see where Cape Town's changing property landscape is headed. I have seen a number of returning young expats come up with some ingenious storage and space utilisation ideas that they saw in the UK."
She offers guidelines for optimising space:
"A small well-planned garden with shrubs and small trees that attract birds can create wonderful indoor / outdoor living," says Lloyd, adding that the all-important stoep and braai can be covered and form part of the house.
Lloyd believes modern compact homes will be the best investment properties for the foreseeable future for a number of compelling reasons.
"Not only are property prices still high for many budgets, but skyrocketing rates make it crazy for people to waste money on rooms in a house that they seldom use and pools that they never swim in. It's also difficult to maintain large gardens with the water restrictions and rising water costs. There has also been an increase in empty-nesters who don't feel that the time and cost of maintaining a large property is worth it after the children have flown the coop, and millennial buyers tend to prefer low maintenance, hi-tech homes."