New Wesgro property report a welcome addition
Category Industry News
Property is a key driver of investment into any region and is often the first consideration that investors will make when deciding on their locale. With this in mind, the release of the inaugural Western Cape Property report by Wesgro, is a welcome addition to the landscape.
Wesgro is the official tourism, trade and investment promotion agency for Cape Town and the Western Cape, and this groundbreaking report is very much in line with the work they are doing showcase the province as the preferred choice for investors.
The publication provides, in one cohesive report, comparative analysis on commercial office, retail, industrial and residential property for sale or to rent, and includes data on the City of Cape Town, George, Saldanha Bay, Vredenburg and the Winelands towns of Stellenbosch, Paarl and Franschhoek.
"This is a report that will enable both current and future investors to make the best possible decisions in terms of where to base their operations with the Western Cape, whether they are looking to set up a factory in an industrial area, opening a corporate office or even determining the most areas in which their staff can find homes," said Wesgro CEO Tim Harris of the report.
The report includes:
- Brief overviews of each municipal district featured in terms of the key economic sectors to be found within it as well as the avenues, agencies and incentives each one offers towards ease of investment
- Property values for the 2018/19 financial year in respect of:
- Vacant land for sale (for commercial, retail and industrial development)
- Commercial property values for office buildings and retail venues in terms of sales and rentals being asked
- Industrial buildings for sale and to rent
- An overview of the residential property market with respect to market stock, price performance, age profile of owners, market activity in regard to units sold across a ten-year period (from 2008 to 2018), and the average asking prices during the period under review for residential rentals, from houses and townhouses to apartments.
Data in the report has been drawn together from a variety of sources including, among others, the Western Cape Government Provincial Treasury's Municipal Economic Review and outlook (MERO) 2018, the South African Property Owners Association (SAPOA)'s quarterly assessment of various commercial nodes, Lightstone Property's overview of residential markets, and rental and sales values as they periodically appear on Property24.
Harris said: "The bottom line in property is that it is always somebody's market.
"While property in the Western Cape over the past few years has been extremely desirable, and prices rose quite steeply accordingly, recently we've begun to see a stabilisation - a normalisation, if you like. And that's a good thing for investors right now, we believe."
The Agency Property Group's Kyle Leigh is welcoming of the new resource, both for locals, and those looking to invest in the market.
"It's fantastic that Wesgro has launched the report, and it certainly brings added value to the property sector. They have identified property as a big source of investment in the province and the report certainly provides value and is a great source of information for investors looking at the property market.
Speaking specifically to the residential sector along the Atlantic Seaboard, particularly the year-on-year growth shown in areas like Sea Point and Green Point, Leigh was overwhelmingly positive about the growth in the market.
"The year-on-year growth in Sea Point and Green Point over the past decade has been quite incredible," says Leigh. "There are 100% gains in Sea Point over a five-year investment and 200% over the past 10 years for sectional title properties while freehold properties have shown a growth of 300% over the past decade. Property on the Atlantic Seaboard has been a sound investment over the past 10 years and will no doubt continue to be a sound investment."
Click HERE to download a copy of the report.
Author: The Agency Property Group