Would you pay R1 million for this 20 square metre house in Cape Town?

[Update] RE/Max has since delisted the property from its website.

Property group RE/Max has listed a 21 square metre “cottage” for sale in Vredehoek, Cape Town – the asking price? Just under R1 million.

Described as “an extremely rare find” in need of some “TLC”, the one bedroom, one bathroom living space is said to be inside a secure complex – but from the listing photos appears to be set on the edge of a parking lot for the complex.

At approximately R45,000 per square metre of living space, this Vredehoek “cottage” is pricier than homes on South Africa’s most expensive streets – higher than Lagoon Drive in Umhlanga (R31,000 per square metre), The Houghton in Sandton (R40,000 per square metre) and just under Beachyhead Road in Plettenburg Bay (R46,000 per square metre).

BusinessTech contacted RE/Max, and confirmed the listing price of R950,000, but could not get in touch with the agent to inquire if any offers have been received.

According to property data for Vredehoek, the average listing price for a 1-bedroom property in the area is approximately R2.3 million. The average listing price for houses in the area in 2016 was R4.8 million, with apartments coming in at R2.2 million.

The estimated value for houses and apartments in the area is slightly lower, however, at R4 million and R1.7 million respectively.

Cape Town is one of South Africa’s hottest property markets and is known for having some of the highest prices in the country, accounting for eight of the top 10 priciest areas per square metre.