Cape Town CBD Living an Attractive Option

Living near your place of work is a growing trend around the world, but anyone looking to buy a residential property in Cape Town knows that there are too many buyers and too few properties available. 

Cape Town City Bowl from Lions Head with Lions Rump (Signal Hill) and Cape Flats in the distance. (Photo by Martin Power)

“People are increasingly struggling to find affordable property around the CBD and so we’ve been seeing a lot of movement in areas further afield like Milnerton”, explains Bruce Swain, MD of Leapfrog Property Group, “of course the ongoing renovation of the CBD could certainly draw residential property buyers back to town”.
Thankfully it would seem that the Mother City is in fact headed for a property boom as Rob Kane of the CCID (Central City Improvement District) recently announced that city centre investments of around R2 billion have been confirmed over the past three months. 
According to Kane, these planned investments include:

- The redevelopment of the old Triangle House in Riebeek Street with an R1bn residential development by Signatura and    the Radisson.
- The construction of two hotels on the old Tulip Hotel site to the value of R680m by Tsogo Sun and
- The Sentinel, a new R200m residential development on the corner of Loop and Leeuwen streets.

The CCID's communications manager, Carola Koblitz has revealed that the growing demand for inner city living is on par with international trends as people opt to live closer to work.
A recent State of Cape Town Central City Report indicates that the recent revitalisation of the ‘downtown’ precinct has been very successful with 89 percent of respondents calling it the best CBD in South Africa. Richard Thomas, Nedbank Property Finance's regional executive for the Cape indicates that the number of people living in town has also grown significantly from around 750 ten years ago to almost 6,000 in 2015.
“Based on the progress the city has made, the desire for more residential living spaces in town and the investment we’re already seeing being made there is every reason to believe that inner city living will soon be a very attractive drawcard to buyers, especially with first time buyers looking to enter the property market”, believes Swain.

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 23 Feb 2018
      RE/MAX Property Associates’ Table View Office, which services property buyers and sellers along the Table Bay coastline and surrounds, has recently sold a home in Woodbridge Island for R11 million – the highest price paid for any home in the sought-after security complex.
    • 23 Feb 2018
      Choosing to invest in an overseas property can be daunting. But as more and more investors recognise the value of a diversified portfolio that includes property outside of their own country of residence, international property investment is growing in popularity.
    • 23 Feb 2018
      The positive change in South Africa’s political landscape is paving the way for an upswing in the local property market.
    • 22 Feb 2018
      An excellent credit score is one of the most priceless assets a potential home buyer can have. This tool has the power to secure favorable mortgage and refinancing rate, influencing everything from the size of the loan repayment to the interest rate on the home loan.
    • 22 Feb 2018
      What do you do if you love your home’s location and the area, but the home no longer fits your growing family’s needs? Do you stay and renovate your existing home or find a home that meets your developing criteria?
    • 22 Feb 2018
      While every owner wants to sell their property at the best possible price, overpricing a home can be the kiss of death for a sale.
    • 21 Feb 2018
      Given the hand they were dealt, government has performed a delicate balancing act which it is hoped will serve to reignite confidence in investment in South Africa, regain our global credibility and satisfy the credit ratings agencies, says Dr Andrew Golding, chief executive of the Pam Golding Property group.
    • 21 Feb 2018
      The real estate mantra, ‘location, location, location’ remains a strong market influence regardless of the prevailing economy, with suburbs like Rondebosch enjoying the buffering benefit of being ideally situated.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us