These "emerging" suburbs within Cape Town are beating the property market downturn
Category Property news
Local property news over the past 12 months has been filled with reports of a declining Cape property market and price decreases across the board within traditional safe haven suburbs such as the Atlantic Seaboard, City Bowl as well as the Southern Suburbs.
This is set to the backdrop of uncertainty as a result of the economic and political environment with the country's general elections around the corner.
This is set to the backdrop of uncertainty as a result of the economic and political environment with the country's general elections around the corner.
However, during the general market downturn, Greeff Christie's International Real Estate has observed certain segments of the Cape property market where purchasers are still finding value while sellers are realising top returns on their properties -- traditionally the characteristics of a healthy real estate market.
Areas such as Bothasig, Richwood, Tijgerhof, Sandrift, Brooklyn, Rugby, Plattekloof Glen, Maitland and Thornton to name a few, are among these areas where the combination of proximity and quick access to hubs such as Century City and the City Centre, affordability and value for money has resulted in a spike in demand from our purchasers!
Another contributor is the statistical factors driving growth. The market has indicated that savvy property investors are focusing their resources on markets that have proven good capital growth over time, thus many investors have invested into suburbs such as Rugby and Brooklyn where capital growth rates of +/- 12 to +/- 15% per annum can be achieved.
This, including attractive rental returns, has allowed for these areas to be formidable havens for investors in the current market climate.
This, including attractive rental returns, has allowed for these areas to be formidable havens for investors in the current market climate.
For residential purchasers, value for money is at the forefront of their minds where one can unlock safety, security and a central location in one area. In the sought-after suburb of Bothasig, we have seen a number of locally based purchasers, as well as those previously based outside the Cape, moving into this area for benefits which include large erf sizes, living close to work and affordable pricing.
We are currently still working with a surplus of cash purchasers that have missed out with us and are still looking to invest across Bothasig, Richwood, Tijgerhof, Sandrift, Brooklyn, Rugby, Plattekloof Glen, Maitland, Thornton, Goodwood and more!
Author: Greeff
