The city of Cape Town, with its internationally renowned V&A Waterfront in Table Bay situated between two of the world’s greatest icons – Table Mountain and Robben Island – holds its head high among the best of the best, not only as a prime tourist attraction, but also as a sought-after residential location.
The heart of the Mother City is a thriving hub pulsing with life and activity, characterised by an expanding business sector, as well as an increasing groundswell of new residents, investors, visitors, and tourists from around the globe.
Constantly evolving, Cape Town continues to rack up international awards. The city was recently recognised as a major technology hub when it was ranked 22nd globally in the report. It also features on top three destinations to visit. Long regarded as one of the most beautiful destinations in the world, Cape Town is open for business and ripe for investment.
And it’s experiencing a significant boom in development, particularly in the City Bowl as well as the Southern Suburbs and Atlantic Seaboard. In the former, where a rapidly growing residential population is pushing up the demand for accommodation, the development 16 on Bree, comprising 350 units, sold out in just two weeks.
“The price of units in this area has spiked considerably, given the demand for a livework-play lifestyle with the convenience of city living, from about R4,000 per square metre in 2004 to the current average selling price of R55,000 a square metre,” says Laurie Wener, Pam Golding Properties senior executive for developments in Cape Town.
“On the Atlantic Seaboard, property prices continue to rise,” says Basil Moraitis, Pam Golding Properties Atlantic Seaboard area manager. In Camps Bay the average property price has escalated from R3.75 million in 2010 to R14.1 million in 2017, while apartments in Clifton hit the R140 million-mark in the past year. The demand for property along the Atlantic Seaboard shows no sign of ebbing, with the largely favourable exchange rate making it possible for overseas investors to buy property with a lifestyle comparable with Europe and other popular international destinations.
For more information, please visit www.pamgolding.co.za.
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