If you own a property in CT - you need to know this!
Category Cape Town Property Market
The 10th annual conference of the Western Cape Property Development Forum (WCPDF) brought together industry leaders and government officials to discuss creating a conducive environment for investment in the Western Cape. According to Deon van Zyl, the Chairman of WCPDF, any type of infrastructure or building construction represents a fixed capital investment, and the conference aims to promote such investments in the region.
Renowned property economist Erwin Rode, along with other economists, recognizes a 15-to-20-year property cycle in South Africa. Professor Viruly adds that there is a typical seven-year property "blimp" that occurs, with the "big Wednesday" representing the significant wave in the property market happening every 21 years. Van Zyl notes the absence of the seven-year blimp in the last cycle and expresses hope for its return in the near future. Despite challenges faced by the property sector, the Western Cape offers a different outlook. The region shows promise as a "hope" for the industry, with a visible political will to provide stability and innovation.
Mayor Geordin Hill-Lewis of Cape Town unveiled an impressive three-year capital budget allocation of R43 billion for the city, outperforming other cities in terms of infrastructure investments. This significant investment is projected to create around 135,000 job opportunities over the next three years. Notably, a thorough analysis reveals that approximately 73% (or slightly over R8 billion) of Cape Town's total R11 billion capital budget for the current year is directed towards essential infrastructure projects that specifically benefit lower-income households, informal settlements, and disadvantaged communities within our city.
Cape Town distinguishes itself by offering the most affordable property rates in South Africa, providing a notable advantage to both commercial and residential property owners. The rates in Cape Town are considerably lower compared to those in Johannesburg and eThekwini.
Interested to know how the City of Cape Town's exciting infrastructure projects may affect your property's value - click on the link below to generate a digital valuation.
Author: Quay 1 International Realty
