Over recent years, South Africa has seen major increase in demand for properties in the Mother City suitable for short-term rental.
This comes as a result of property buyers backing short-term rental properties which have the capacity to further boost their long-term earnings.
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Real estate insiders have held that short-term rentals, specifically in Cape Town and its surrounds, have seen a mass increase in interest.
According to the Property Pod, Capetonian locals are undergoing a mindset shift. Properties with guest flatlets available to let are highly sought after. The current demand for short-term rentals is said to be forming a huge part of the market in Cape Town.
Part of the reason for this shift, is the fact that less people are purchasing property and are instead opting for the option of renting.
Covid-19 is known to have altered this track as it was during this time that an influx of foreigners relocated to Cape Town.
Now, Cape Town has become a popular destination for escaping the European winter and this trend is spurred on by the open option of remote work by most companies.
Furthermore, the demand for short-term rentals is further supported because the local economy in the area creates jobs and the rate of unemployment in the city has been steadily decreasing over recent years.
These factors have all contributed to rise in demand for short-term rentals that is evident within the property landscape of Cape Town.
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