It’s a case of you snooze, you lose

En­try level south­ern sub­urbs prop­erty an in­creas­ingly rare and pricey com­mod­ity

Weekend Argus (Saturday Edition) - - PROPERTY -

CAPE Town’s econ­omy is flour­ish­ing un­der in­vestor con­fi­dence that is at­tract­ing multi­bil­lion rand in­vest­ments and push­ing the prov­ince to con­sis­tently out­per­form na­tional GDP growth, but the widen­ing dis­par­ity be­tween the lo­cal and na­tional economies is not with­out its draw­backs, es­pe­cially in the stri­dent prop­erty sec­tor.

Lew Gef­fen, chair­man of Lew Gef­fen Sotheby’s In­ter­na­tional Realty says: “Surg­ing prop­erty val­ues spurred by the grow­ing de­mand from up­coun­try res­i­dents mov­ing to Cape Town has driven up prices and has also pre­cip­i­tated a se­vere short­age of af­ford­able en­try level homes, es­pe­cially in sought-af­ter ar­eas like the south­ern sub­urbs.

“Steep price in­creases dur­ing the past five years have sig­nif­i­cantly raised the en­try level point in this pop­u­lar district with en­try level prices in sub­urbs like Ron­de­bosch

Steep price in­creases

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