How Cape Town sellers can take advantage of the semigration wave!
Category Cape Town Property Market
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The Cape Town property market has emerged as a leading choice for aspiring upcountry homeowners.
The City of Cape Town has become known as a province that prioritises service delivery, job creation and investment. The improved economic environment found in the Cape, bolstered by factors such as security and substantial infrastructure investments, continues to drive semigration in the Western Cape property market. FNB's latest Residential Property Barometer confirms this trend, showing an increase in sales attributed to relocation in the region from 11% in Q4 2023 to 13% in Q1 2024.
The Western Cape's growth plan forecasts a flourishing economy, with a projected 1.9% expansion by the end of the year. Supported by the City of Cape Town's R120 billion investment, the region aims to achieve significant economic growth, improved connectivity, and enhanced desirability. Additionally, with a market price stabilisation of 3.8% and a 65% increase in tourism since the end of the Covid-19 pandemic, the province is also becoming an attractive destination for international purchasers.
Sheldon Keyser, Sales Manager at Quay 1 International Realty, notes that the anticipated decrease in interest rates expected in the third quarter of 2024 is likely to drive sales volumes, signalling a period of optimism and strengthening in Cape Town.
"Since its launch in March 2024, our new innovative Shared Value Brokering Rewards Program has gained widespread adoption among sellers, buyers, and landlords nationwide. This adoption has empowered our clients to save tens of thousands of Rands when transacting with us! By reducing frictional costs associated with property transactions, we are witnessing a surge in positive sentiment, driven by the newfound liquidity the program offers. The results have been staggering and we are encouraged by the market's positive response!" Keyser commented.
Are you interested in learning more about how you could take advantage of the current semigration trend to achieve a top price for your Cape Town property? Click on the link below to speak to an area specialist broker or to get an updated valuation.
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Author: Quay 1 International Realty
