As a result of new residential property developments in the Mother City’s CBD, the total number of residential units now rests at a whopping 7188, reports Cape {town} Etc.
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Cape Town’s central business district once again goes against the grain, with more than R7 billion worth of property investments in 2023, while other metro’s face decline.
According to The Citizen, property investments in Cape Town’s hub have doubled from 2022.
This indicates that the city has restored from the financial strain caused by the pandemic.
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In 2023, 30 property developments or redevelopments were on record.
Nine of the developments had been completed while eight were under construction, 10 were in the planning phase and 3 had been proposed.
Amongst the list of investments is the Rubik, a skyscraper worth approximately R600 million which has been designed to resemble the Rubik’s Cube, the Neighbourgood 84 Harrington, valued at R180 million, and The Barracks, the world’s tallest apartment/hotel worth R150 million and set to be constructed in Bree Street.
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The total property value in the city centre is estimated to be around R43 billion. This amount has faced monumental increase since 2016 / 2017 where the total value was an estimated R12 billion.
The extensive investment into the CBD indicates that the area has turned into the ‘post-Covid corner’ claims Rob Kane the CCID (Cape Town Central City Improvement District) chair.
‘Cape Town has rebounded after the pandemic and this bodes well for the future of Cape Town and its CBD’ he said.
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Picture: Pieter van Noorden / Unsplash