Property Boom Post-Election? Q2-2024 Sees Remarkable Growth
Category Cape Town Property Market
Since the outcome of the National and Provincial election this year, significant improvements have been observed in political stability, economic performance, and corporate earnings. These advancements have translated into strong growth for the Western Cape's first-time and repeat-homebuyer categories during Q2 2024.
The region's economic surge spans various sectors, including finance, trade, industry, energy, and electricity. This positive trajectory has caught the attention of national and international investors, painting an optimistic picture for the future. The Western Cape market is also still benefiting from notable semigration activity, with homeowners and businesses relocating from cities such as Johannesburg and Durban who are facing challenges with basic service delivery to residents and businesses alike.
One of the most striking indicators of improvement is the energy sector's performance. The Western Cape has been load-shedding-free for over 130 days, marking the longest consecutive streak since 2020, according to a recent report by the Swiss bank, Julius Baer. This achievement is attributed to enhanced maintenance, increased generation capacity, and the involvement of the private sector.
Property prices in the Western Cape have also shown robust growth. According to recent reports by South Africa's bond originators, first-time homebuyer prices increased by 7.8%, while repeat-homebuyer prices saw a 6.3% nominal rise. Remarkably, the Western Cape is the only region in the country to record real (inflation-adjusted) increases in property prices, while others regions are experiencing declines.
Are you toying with the idea of taking advantage of the current window of opportunity while selling conditions are favourable? The first step in selling your property is often establishing your bond affordability if you are going to be utilising a bond to finance a portion of your new/replacement property once you sell. Quay 1 has partnered with Jambo Home Loans to offer complimentary pre-qualifications to all sellers, please click on the button below to start the process.
Click the button below to receive a bond pre-qualification or an updated valuation for your Cape Town property.
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Author: Quay 1 International Realty
