Driving through Cape Town CBD and the Atlantic Seaboard, it’s easy to believe we are in some sort of property boom.
The cranes are out and new developments are going up all over. It’s such a far cry from those torturous months last year during hard lockdown when tools were downed and there could be zero movement in proposed developments.
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It hit the industry hard but it has come back with a bang and agents are also reporting good sales in new developments. And it’s not just locals who think investing in a SouthAfrican development is a good idea.
While in the bank recently, I overheard a German couple saying they needed to discuss finances regarding an apartment they had bought in a new development in Sea Point.
Buying a spot for R2 million in a sea-facing, secure building, a block from the beach, no transfer duty, is indeed heaven for a local, let alone a foreign, investor.
Developers are still battling issues and yet they continue to build world-class properties which are selling.
We hope this spark of optimism in the industry will continue. Heavens knows we need it!