Turning tides for the Northern Suburbs property market
Category Cape Town Property Market
The Quay 1 International Realty team has taken note of the shifting tides in terms of people purchasing property to allow for scenic living and space as opposed to work proximity. Owing to the impact of Covid-19, which has harnessed a work-from-home culture, the desire to work from their own domiciles has increased dramatically. Owners and tenants alike are seeking more aesthetically pleasing living spaces in which to live and work.
With this comes a noticeable shift in demand away from areas such as Cape Town's Central Business District (CBD) that was previously highly sought-after owing to its proximity to work, reduction in travel time and associated costs. Now that many people are working remotely, due to health and safety reasons, a large number of them are relocating to properties where they can enjoy ocean and mountain vistas. As such, property demand within the Mother City's CBD has decreased substantially over the last 12 months.
Northern suburbs on the other hand boast a much lower vacancy rate.
The residential home buyer trend has also revealed a considerable shift towards larger properties within suburbia. This said trend also explains why the suburban areas of Cape town currently boast a lower vacancy rate than the central hubs.
Akin to the home buyer's market, tenants have come to the conclusion that if they have to work largely from home because of the ongoing pandemic, they would prefer to reside at a scenic property which includes garden, mountain and potentially even ocean-facing views at affordable prices.
Cape Town's Northern Suburbs come in with the lowest vacancy rate at 5.1%. Historically, the area has proved a high source of quality accommodation at reasonable prices, and this remains the case in the current climate.
The Quay 1 Northern Suburbs area specialist brokers had their best month of sales in October and are still experiencing high levels of demand across the board in the region. Should you wish to take advantage of this window of opportunity in the current market to achieve a top price, or if you would simply be interested to know what your property could currently be worth, click on the button below to generate a digital valuation.
Author: Quay 1 International Realty
