Somerset West has been pegged as one of the fastest-growing property areas in Cape Town, and these include commercial, residential and industrial areas. This is according to a report released by Wesgro, which shows Somerset is becoming so popular as a result of the development potential it holds.
Areas that are traditionally associated with industria are becoming more popular, and these include Blackheath and Montagu as well.
Speaking to Fin24, Carola Koblitz, who is the editor and chief researcher of the report, the first edition for the financial year 2018/19 is expected to form a baseline for similar annual and even more expanded annual reports going forward. The aim of the report is to provide potential investors with a comprehensive guide to what is happening in property sectors in key nodes in the Western Cape.
“The data in the report basically helps to put speculation at bay about what the situation is in given areas,” says Koblitz.
Property investors seeking office spaces are encouraged to travel to Stellenbosch, Paarl and George. Some Stellenbosch office nodes can sell for as high as R305 per square metre. This fetches a higher price than some spaces in Claremont or the V&A Waterfront, which fetch R220 per square metre.
Woodstock in Cape Town also has several office rentals available, with a number of properties on the market. According to Koblitz, this is because Woodstock is “in transition” and gaining popularity.
Picture: Bookings.com