It’s no secret that SA real estate as an asset class has performed relatively poorly over the past two years in terms of capital and income growth. But a few specialist subsectors of the market are still worth a punt, most notably student accommodation, logistics and self-storage. There’s also renewed investor demand for serviced apartments — self-catering units typically linked to a hotel offering and often referred to as "aparthotels".

That is particularly true for Cape Town, where a tentative revival in tourism is supporting the investment case for short-term, serviced accommodation. Latest figures from global hospitality database STR show that average occupancies for all graded hotels in Cape Town rose by 1.5 percentage points last year, to 65% (January to November, year on year).

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