Western Cape the preferred choice
Category Industry News
If you're looking to invest in property, then look no further than the Western Cape, which is outperforming the rest of the country on several fronts.
According to a Lightstone report in November, there continues to be an upward trend in semigration to the province, with more people relocating to the Western Cape than Kwa-Zulu Natal and Gauteng combined.
And it's not just the lure of aesthetics and lifestyle, although that certainly counts in the province's favour, with a number of factors contributing to the Western Cape as SA's preferred place to live.
Load shedding
Or rather, lack of it.
The City of Cape Town has had 60% less loadshedding than the rest of the country and a cash-for-power plan that buys electricity back from businesses feeding back into the grid. There is also a property rates relief package for homes valued below R5 million.
Those are huge incentives for businesses looking to relocate and are certainly a big factor driving semigration into the province.
Employment
StatsSA has revealed that the Western Cape had the highest rise in employment over the last quarter, with its 6.9% outperforming the rest of the country by some margin.
With the city's plan to mitigate at least 4 stages of loadshedding, and by all accounts, they are well on their way to achieving this, investment into the province will continue to grow and pick up speed.
Loadshedding is the biggest threat to the country's economy, but with the City of Cape Town well into its three-year plan to achieve grid security, it shines as a beacon in the storm.
More bang for your buck
A recent article in IOL reported that not only does Cape Town boast the five most expensive suburbs in the country - Clifton, Bantry Bay, Fresnaye, Camps Bay/Bakoven and Llandudno - the BetterBond Property Brief revealed that first-time buyers in the Western Cape are actually getting more bang for their buck than any other province in the country.
BetterBond data shows that first-time buyers of property in the province are looking at an average purchase price of R1.5 million. And while all regions across SA showed positive signs of growth, only the Western Cape were positive after adjusting for inflation.
Lifestyle
While it may not be the most important reason to make the move, you cannot ignore the lifestyle opportunities the Western Cape, and Cape Town in particular, continue to provide residents.
Cape Town has one of the most pristine coastlines on the planet and an enviable natural wonderland of mountain terrain and forest, the Mother City is an outdoor enthusiast's dream.
Apart from what Mother Nature has on offer, Cape Town is also a lifestyle hub, with some of the country's best restaurants, nightclubs, and wine farms all found within the city's limits.
Push out further, of course, and there is even more to explore. While the Mother City might be considered the jewel in the crown, the Cape Winelands, Cape Overberg and Garden Route, combine to position the Western Cape as a region of huge opportunity.
Looking to relocate? Seeking an investment property in Cape Town? Get in touch with us today.
Author: The Agency Property Group
