PROPERTY NEWS - According to Rawson Property Group franchisee Schalk van der Merwe, several indicators point to Cape Town - and the Western Cape in general - remaining a property hotspot.
"The first and, arguably, most obvious sign is our growing popularity with affluent repeat homebuyers nationwide," he says.
Van der Merwe cites FNB’s latest research on interprovincial repeat homebuyer migration patterns, which shows a very low rate of departure from the Western Cape, and high levels of inward migration from other provinces.
“Cape Town and our surrounding areas are perceived as having a high quality of life in comparison to many other South African cities,” he says, “largely due to our good economic opportunities, excellent service delivery and administration, and enviable lifestyle.
“Cape Town and our surrounding areas are perceived as having a high quality of life in comparison to many other South African cities,” he says, “largely due to our good economic opportunities, excellent service delivery and administration, and enviable lifestyle.
As a result, we’re not only retaining existing Capetonians, we’re also attracting high numbers of wealthy, skilled individuals from other parts of the country and the world at large. This is having a direct and ongoing effect on residential property demand.”
Outperforms every other SA urban hub
With demand fuelling growth, it’s no wonder that Cape Town typically outperforms every other South African urban hub in the residential property sector.
Outperforms every other SA urban hub
With demand fuelling growth, it’s no wonder that Cape Town typically outperforms every other South African urban hub in the residential property sector.
In fact, the city was recently placed 33rd out of 165 in the international Knight Frank Global Residential Cities House Price Index, with its annual growth rate of 8.6% outstripping Johannesburg (placed 52nd) by a significant 2.6%.
The Western Cape has also had the highest number of super-luxury sales in the country over the last ten years, according to statistics from Lightstone, and has recorded the steadiest growth in that market sector.
