Overlooked regions gaining ground on Western Cape’s property dominance
Move over Western Cape as ooba Homeloan data shows Mpumalanga, the Eastern Cape and Gauteng South and East are enjoying their moment in the sun.
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Move over Western Cape as ooba Homeloan data shows Mpumalanga, the Eastern Cape and Gauteng South and East are enjoying their moment in the sun.
The City Bowl and Atlantic Seaboard areas in Cape Town currently offer some of the best investment prospects in years for both South African and foreign property buyers, say new franchisees Ryda Kloppers and her husband, Jakes du Plessis.
The 2024 Knight Frank Wealth Report is out and it reveals that luxury real estate prices climbed by 3.1% in 2023, with Cape Town properties ranking in the top five.
Savills’ Prime Residential World Cities Index lists the next four forecasted highest-growth markets.
An analysis of the average selling prices across the country by the Seeff Property Group this year reveals that nine of the most expensive suburbs are in Cape Town. Only Sandhurst from the Sandton/Joburg area makes it into the top ten.
During Q3 2023, the Western Cape’s sales totals trumped that of Gauteng’s sales totals, despite it being a smaller region. Semigration combined with a recovering tourism sector along the Atlantic Seaboard has seen demand drive rentals up by 20% – 35% and more.
The City of Cape Town has announced that it will be launching a homeownership ‘No Cost Transfer Programme’ to enable qualifying City-tenants to become owners of their rental units over the next three years.
Coastal towns are getting a new lease on life as people semigrate, primarily from Gauteng, looking for affordable, safe locations where they can work remotely.
The recent interest rate hikes and rising inflation in South Africa may have deterred some would-be homebuyers, but the luxury property market remains surprisingly resilient despite the economic pressure.
Quarterly year-on-year rental growth continues to climb nationally with growth of 2.6% recorded during the second quarter of 2022.