Clifton Rent Smashes Record

December 4 - For those who can afford it, investing in property in the luxurious Cape suburb of Clifton has always proven a safe bet.

One owner of a stunning 1000 square meter home in Clifton has certainly recuperated a sound part of his investment, after an international celebrity agreed to pay a staggering amount of rental fees to stay during the World Cup 2010.

Clinton Braude of Ronnie Matthews Estates confirmed that the unnamed celeb will be paying the owner R7.5 million for the duration of the soccer event - R250,000 a day!

The estate agent said that not only was this a record for Clifton, but also for South Africa as a whole.

The agent was staying mum about the details of the transaction, including the name of the celebrity.

He would only say that the home has six bedrooms with en suite facilities and that it was not located on the beachfront.

With hotels nearly fully booked, it is believed that visitors will soon have no choice but to look to other forms of accommodation if they want to attend the World Cup.

"People are going to be forced to look at renting private properties and alternatives to hotels," said Braude.

More than 400,000 people are expected to visit South Africa next year in June to watch the World Cup.

Property groups such as Seeff have managed to sign up more than 10,000 beds around the country to rent out during the soccer season, with properties on their books ranging from one room apartments that go for a few hundred rand a night to complete mansions where the owners are asking for R80,000 a night.

Mike Jeffries, UK film producer is even trying to get R350,000 a night for his luxury Clifton home, thereby breaking the latest record set.

Related Insurance Articles:
* Household Credit Demand Drops
* In Defense of SA Banks
* Sales up at Seeff
* Corruption Affects Housing Market

12/4/2009 10:39:58 AM