In South Africa’s vigorous property market, the Western Cape and Cape Town specifically stand tall as pillars of stability and expansion.
Despite the rise national fluctuation and inflation, the real estate market in Cape Town has shown extraordinary durability, reports Cape {town} Etc.
As a result, Cape Town is distinguished from the other major metros.
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House price inflation in the Western Cape has flourished in comparison to other areas over recent years.
Cape Town has seen a growth rate of 3.8% in recent months.
Metros such as Gauteng and KwaZulu-Natal on the other hand, have seen prices decline as growth rates ease.
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The trend of semigration, wherein South Africans relocate between provinces, is largely responsible for this development.
The adventurous lifestyle, well-managed infrastructure and heaps of attractions lure South Africans to the Cape.
Cape Town is also a productive playground for foreign investors and international globetrotters, which further drives a movement towards globalisation.
The boom that Cape Town has experienced stems from both local and international interest.
Furthermore, according to The Newspaper, the market in the Mother City sees activity which ranges in price. This is an indicator of wide-spread confidence in the city’s real estate.
The value for money which Cape Town offers is quite remarkable in comparison to the global context.
For example, in Cape Town, $1 million buys a residential property of around 200 square metres, whereas buyers would receive significantly less than that in cities like New York or London.
This, as well as the natural beauty effortlessly on display in the Cape, makes it an attractive destination for property investment by both local and international investors.
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