The findings from the fifth annual edition of The State of Cape Town Central City Report have been revealed by Chairman of the Central City Improvement District (CCID) Rob Kane, casting Cape Town central’s property market in a very positive light. Investment in the city is absolutely booming.
Findings from the report show that there have been up to 63 developments taking place within the city since 2012, a collective total estimated to be around R16.2 billion worth of investment. But it is certainly not stopping there. A further R12 billion of investment is presently taking place in the form of development, bringing the total close to R30 billion by the year 2019.
What does this mean for city residents? The boom in growth has had a ripple effect in the property rental market too – mooted to be an annual 15% increase. It has been reported that the monthly rental for a studio bachelor apartment in central Cape Town currently goes for around R10 000, while R15 000 will get you a one-bedroom apartment, and lastly a figure upwards of R22 000 for a two-bedroom.
While these figures may seem high, there is hope for low-to-middle income earners; the city’s Foreshore Freeway Precinct Project will bring affordable housing to the city in due time.
Photography John O’Nolan / Unsplash