Cape prop­erty ‘su­pe­rior’

The prov­ince’s suc­cess in­cludes tourists and po­ten­tial buy­ers es­cap­ing Euro­pean win­ters

The New Age (Western Cape) - - Western Cape News - TNA RE­PORTER

THE per­for­mance of the prop­erty mar­ket over the past five years had clearly demon­strated that Cape prop­erty is well ahead in terms of value, growth and high de­mand, Paul French, com­mer­cial director of the Coastal Prop­erty Group said.

“Although price growth has slowed over the past year as a re­sult of the over­all eco­nomic slow­down, the Cape re­mains an ex­cel­lent propo­si­tion for buy­ers and in­vestors,” French said.

“One thing is for sure, while price growth is slower, the over­all av­er­age growth mea­sured over the last five years, re­mains well ahead of the rest of the coun­try.”

French said while the drought would no doubt have an im­pact, it won’t last for­ever. The re­silience of the Cape’s suc­cess story, was due to a num­ber of fac­tors, in­clud­ing tourism.

The coastal lo­ca­tion means it is ideal for tourism and the city works hard at growing this sec­tor.

This brings de­mand for hol­i­day and sec­ond homes as well as for hol­i­day rentals, which in turn boosts the buy-to-let mar­ket.

De­spite the drought, in­ter­na­tional tourism ar­rivals in­creased year on year in De­cem­ber by 11.5%.

The Cape re­mains a firm favourite with north­ern Euro­peans both for sec­ond homes and hol­i­day pur­poses bring­ing peo­ple from places like the UK, Ger­many, Nether­lands and other Benelux coun­tries along with vis­i­tors and prop­erty buy­ers from across the world. The city is pop­u­lar for north­ern hemi­sphere peo­ple to es­cape dur­ing their cold win­ters. The Cape is also pop­u­lar with re­tire­ment home buy­ers from Europe.

Many ex­pa­tri­ates con­tinue in­vest­ing in prop­erty in the coun­try and much of this is Cape prop­erty. Sim­i­larly, Cape Town is an at­trac­tive hol­i­day and prop­erty in­vest­ment desti­na­tion for wealthy Africans and this is a growing mar­ket, French said.

The in­flux to the Cape will likely be ham­pered only by the in­abil­ity of up­coun­try peo­ple to get their prop­er­ties sold. The de­sire re­mains high to move to the Cape for a va­ri­ety of rea­sons in­clud­ing life­style and bet­ter qual­ity of life es­pe­cially for fam­i­lies with young chil­dren. The Cape is also a highly de­sired re­tire­ment lo­ca­tion.

“The city has a very ac­tive long-term rental mar­ket, which pro­vides a fur­ther boost for the buy-to-let mar­ket. It tends to at­tract the high­est rental re­turns in the coun­try but also seems to have bet­ter ten­ants ac­cord­ing to re­cent rental barom­e­ters. That is cer­tainly an in­cen­tive for prop­erty in­vestors.”

FNB said last year that prop­erty prices in the Cape metro were well above any other area in the coun­try. – 701295 Morn­ing Melodies – The Delft Big Band MORN­ING Melodies fo­cuses on pre­sent­ing pro­fes­sional and af­ford­able morn­ing con­certs to the senior ci­ti­zens of the Western Cape. Each pa­tron is also in­vited to a com­pli­men­tary cup of tea or cof­fee af­ter the per­for­mance. These per­for­mances are pre­sented once a month and guests can ex­pect opera, jazz, big bands, cho­ral music, bal­let and more. Tick­ets R35-R40, 10.30am, Bax­ter Theatre, Ron­de­bosch The Black Film­mak­ers Film Fes­ti­val THE Black Film­mak­ers Film Fes­ti­val (BFFF) con­nects and show­cases artists of colour through a se­ries of events and work­shops in the field of film and me­dia. It seeks to es­tab­lish it­self as a port of call for as­pir­ing black cre­atives in a sup­port­ive en­vi­ron­ment marked by mu­tual as­sis­tance and pur­pose­ful col­lab­o­ra­tion. Tick­ets R50, 6pm, Al­liance Française, Loop Street, CBD When Swal­lows Cry WHEN Swal­lows Cry is a pow­er­ful tril­ogy on the in­ter­na­tional theme of mi­gra­tion and refugees. It played to crit­i­cal and au­di­ence ac­claim dur­ing its pre­miere run at the Mar­ket Theatre in Jan­uary 2017. Tick­ets R80-R120, 8pm, Bax­ter Theatre, Ron­de­bosch

PIC­TURE: GETTY IMAGES

PRIME SPOTS: Lange­baan is a pop­u­lar West Coast re­sort in the Western Cape where many for­eign­ers, es­pe­cially Euro­peans, buy prop­erty.

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