People are catching Cape Town fever by saying goodbye to a life in Gauteng and buying properties in the Mother City and the Western Cape instead.
Of the 43% of homeowners who are ditching a life in Gauteng, 36% are buying homes in the Cape, Lighthouse Properties reports.
Cape Town’s property market is believed to be resilient thanks to semigration as entrepreneurs, skilled workers and big corporates search for job opportunities in the Mother City, where they are also relocating their offices, BusinessTech explains.
Even though Johannesburg has long held the title of the ‘business hub’ of South Africa, the pandemic and civil unrest has changed mindsets, and all eyes are on Cape Town.
Recent data has shown that Cape Town is the top-rated region in the office market in South Africa, while the retail sector and industrial properties also boomed for the Mother City, as FNB property strategist John Loos said.
Just last year in November, Wesgro also rolled out its new remote work campaign which aims to entice people from around the country to visit Cape Town and the Western Cape as a remote worker “through engaging collateral and a unique toolkit aimed at business conversion.”
“The collateral showcases the strong tech eco-system, co-working spaces, connectivity and ease of doing business – reminding South Africans why [Cape Town] is the premier remote work destination in Africa,” the statement reads.
“There is an abundance of opportunities in Cape Town and the Western Cape, from the vibrant tech sector and connectivity to the cosmopolitan network of professionals from around the globe”, Wesgro CEO Wrenelle Stander said.
Semigrants are also searching for safety and security, lower pollution and a better quality of life, apart from the obvious lure of the Mother City, BusinessTech adds.