While house price growth remains stagnant throughout most parts of the country, the Cape Town housing market continues to thrive and grow due to continued demand, says Kevin Jacobs, Broker/Owner of RE/MAX Premier, whose office services Cape Town’s Southern Suburbs and surrounds. He adds that much of the demand in the Cape Town market is a result of people from the Northern parts of the country moving down to the Western Cape.
“Few other cities can mimic Cape Town’s unique offering, such as its diverse landscape, complex history, world-class wine region and some of the most spectacular real estate in the country. While a truly African city, Cape Town has a global outlook that has attracted strong investment from both local and foreign buyers,” says Jacobs. “Cape Town’s Southern Suburbs have gained particular attention from buyers living in other inland cities such as Johannesburg, who are looking for a more relaxed outdoor lifestyle and better work and play balance, a seemingly better level of safety and governance. Another drawcard includes better capital growth on property investments.”
According to house price data from First National Bank (FNB), the average price of a home in Cape Town is up nearly 80% since the start of the post-recession recovery, a trend not seen in other cities in the Northern parts of the country.
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