Cape Town property market fueled by semigration
Category Expert Insight
Earlier this year, Lighthouse Properties reported that 43% of homeowners who sell their properties in Gauteng, buy another property in a different province - and of this percentile, 36% are buying in Cape Town and the Western Cape.
This semigration is believed to be underpinning Cape Town's resilient property market as skilled workers, entrepreneurs and big corporates migrate in favour of the metropole to find work, set up businesses and relocate their offices...
"With the outlook for tourism on the up and positive data released by Western Cape promotion and investment agency, Wesgro, Cape Town will lead the recovery of the property sector across all assets," said Quintin Rossi, CEO of JSE listed property group Spear REIT.
Rossi attributes this recovery largely to semigration, as an increase in buyer activity has been noted by the residential property sector as people move from Gauteng and KwaZulu-Natal to the Western Cape.
Author: Staff Writer