While Cape Town has become the ideal location for many looking to semi-migrate, the City simply does not have enough space to grow and accommodate everyone.
Also read: Cape Town’s high-end rentals soar in recent months
This is according to Greg Hart, director of High Street Auctions. In the wake of a large-scale auction on 29 June, Hart says large pieces of undeveloped plots will go on sale, and that vast amounts of interest have been garnered even from abroad.
‘The houses and development sites across the peninsula from Muizenberg through Grassy Park, Tafelsig, Strandfontein, Khayelitsha and across to Stand, Goodwood and Durbanville will be sold by High Street Auctions on behalf of the City of Cape Town.’
Cape {town} Etc discount: Looking for things to do in the city, at half the price? Let these great offers inspire you and fuel your imagination. View them here.
There are several reasons for this high demand he says, noting that Cape Town boasts 60% less loadshedding than the rest of South Africa, the City’s cash-for-power plan (in which it buys electricity from businesses that feed electricity back into the grid) and its property rates relief package, which peaks at 52% for homes valued below R5 million.
Hart told BusinessTech that semigration from Gauteng to Cape Town also plays a major part in the influx of people to the City. ‘In the past, bidding at City of Cape Town property sales has been competitive. This month, I think it’ll be nothing short of ferocious.’
Bidder’s interest has primarily been focused on properties in Newlands, Gardens, Durbanville and Muizenberg. Brent Townes, Lew Geffen Sotheby’s International Realty COO, says businesses are also moving to Cape Town.
As per the company’s data, demand for office space in the Western Cape is nearing pre-pandemic levels following ongoing decentralisation by businesses. Furthermore, freehold commercial office space is the group’s top seller in Bellville, the CBD, Goodwood and Parow.
Looking to tour the City in style and comfort at a reasonable price? Have a look at these offers for under R100 000. View the deals here.
Also read:
Cape Town has South Africa’s highest property price index – StatsSA
Picture: Gabriel Rousseau / Getty Images