While the country has been navigating through tough issues such as fuel price increases, high stages of loadshedding and even inflation, “The Wealth Report” 2023 brings a glimmer of hope to Cape Town.
Also read: Cape Town’s reliable service delivery is attracting more business
Yesterday, the property specialists at Knight Frank released the 17th edition of the publication that detailed how Cape Town has levelled up from number 94 in the last report, placing the city currently at US number 31 on the Prime International Residential Index (PIRI) 100.
The report serves as “the ultimate guide to prime property markets, global wealth distribution, the threats and opportunities for wealth, commercial property investment opportunities, philanthropy and luxury spending trends”.
There has been a noticeable increase semigration with businesses and families moving for various reasons in the past few months, attracted to the City’s progress and reliable service delivery.
According to IOL, the Western Cape passed building plans worth R37 billion more than other provinces, and billionaires are flocking to Cape Town seeking a sunnier climate and a bang for their buck.
PIRI 100 identifies trends in luxury prices across the world’s top residential market movements of ultra-high-net-worth individuals (UHNWIs), with a net worth of over R544 million ($30 million).
Last year, the strength of the US dollar allowed its users to purchase additional land in this part of the world.
The report states that for $1 million you could buy 33 square metres in New York, which leapfrogged London (34m²) again due to the strength of the greenback, making it the third priciest city, although the two cities along with Singapore (34m²) were pretty evenly tied. However, for $1 million, you could buy 218m² in Cape Town.
“For real value, head to Cape Town or Sao Paulo, where the same budget bestows more than 200m².”
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Picture: Getty Images
