Cape Town City Centre, Cape Town

Before you drop roughly the same money on a 28m² “one bedroom” where the bed, fridge and front door are practically in a long-term relationship, have a look at what an actual apartment can feel like.

Right on historic Greenmarket Square, this place has high ceilings, rich timber floors, generous living spaces, a warm timber kitchen, two bathrooms, secure parking, a dedicated laundry room and proper storage. The bedroom windows are double glazed, so you get the city without having to hear every Uber arrive. The main bathroom has a soaking tub big enough for three, which is already more recreational space than some new developments give you for sleeping. There is room here to live, work, entertain, unpack, breathe and own more than six shirts without requiring a storage unit in Maitland.

For investors, the comparison is almost cruel. You can buy a glossy little box with a rooftop pool, a co working nook and enough developer jargon to tranquilise a horse, then spend the next few years explaining to guests why “efficient use of space” means they can make coffee from bed. Or you can own a proper home in a better location, with character, comfort, storage, substance and the kind of short stay appeal that does not need a neon sign in the lobby to manufacture personality. At some point, 28m² stops being “compact luxury” and starts being an expensive hostage situation.