Woman Shares Scathing Review of R1.6m Cape Town Apartment in TikTok Video

• A Cape Town woman posted a TikTok video sharing why she wouldn't rush to purchase an apartment
• The TikTokker discussed a tax incentive that makes it lucrative for property investors to sell property for high prices
• South Africans shared their thought after the creator explored a listing of a Mowbray property priced at more than a million rand

Cape Town property prices surged, and it has been a hot topic. A Mzansi TikTokker shared a video telling people one of the reasons she wouldn't buy an apartment in a new development.

She amassed 15,000 likes after walking viewers through a Mowabray apartment for sale. Many commented on the video with their hot takes about the Cape Town property scene.

In a TikTok video @maggiereadsabook, she explained that investors often take advantage of a tax incentive called Section 13S, which dictates that the purchase of multiple development properties at once for rentals makes the building cost deductible from their personal income tax. The TikTokker made an example where purchasing five properties this way at 1 million each means they get R5 million back over the next twenty years. She said it applies to taxpayers, not just citizens. She then reviewed the Mowbray property, discussing whether it was worth it at R1.6 million.

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South Africa complains about Cape Town properties

Online users agreed with @maggiereadsabook that the property market is unfair to the everyday person. Many commented on the video with their two cents. Watch the video about a Cape Town apartment and read the comments below:

Sbali🇿🇦 said:

"Competition commission must intervene. The houses in Cape Town are way overpriced. Prices are inflated, now locals are disadvantaged and overlooked, and preference is given to the internationals."

Razarnold wrote;

"The government doesn't care about fairness. This country is a cash cow….and all we do as South Africans is shout moo on the top of lounges because what else can we do. We're dying in our own country, living on scraps it’s wild. Imagine having a just leader. We have enough resources, but they steal from us."

General Habibi 💚SNPR💚 🇿🇦 wrote:

"PS: you don't have to buy at the same time. Once you have five it kicks in. You subtract 50% of the cost of your purchase from your income tax in the property's income over 20 years for depreciation. It doesn't affect other income from other sources."

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K.S Mshengu🦅 shared:

"I just went for a viewing this exact property- no amenities, it’s dead. Basic rooms, barely any parking. You can hear the train station and taxis through the rooms 😭"

Abdul Kareem said:

"As someone who stayed for years in an apartment, just buy a house, guys. Once you purchase an apartment, you basically purchase into an HOA that you can never get out of."

cvleb.xul 🜏 added:

"The price is crazy. I have a friend who bought a flat in Sandton, Johannesburg for R750,000."

Other Briefly News about property for sale

• A 100-year-old mansion on sale left many South Africans fascinated as they shared thoughts on the property.
• Online users were impressed by a video of an entirely pink apartment fit for Barbie available in Cape Town.
• Mzansi was in stitches over a Johannesburg apartment with a janky layout that left viewers with many questions.

Source: Briefly News