Cape Town is well known for its spectacular views of mountains and sea. It is hard to find a property in this popular city that does not have a room with a view. Tourists flock here year-on-year to experience the fantastic weather, pristine beaches and the diverse cultures that Cape Town has to offer.
Cape Town recently added yet another prestigious accolade to its list of awards by being named the Best World City in the 2008 Telegraph Travel Awards. This confirmed its popularity among international holidaymakers and also highlighted the city’s investment potential.
The city’s most exclusive suburb, Bantry Bay, recently made news with a staggering property sale of R36,5 million ($4,37 million). This suburb is located on the Atlantic Seaboard, known for being at the top end of the market and often attracting cash buyers with a keen eye for a good investment.
Another reason for investing in Cape Town property is the fact that the property market here shows extreme stability. This has been proven in the recent economic downturn; rentals throughout South Africa are down, yet those in Cape Town seems to be booming.
The favourable exchange rate in South Africa also makes Cape Town property an attractive investment. Also, the fact that South Africa has such a strong economy means that you are guaranteed to yield excellent long-term returns on your investment.
The availability of property in Cape Town is also a factor for investors to consider. The city has seen a lot of development in the last 10 years. The shortage of available sites, especially in popular place like Camp’s Bay and Clifton seems to be drying up, resulting in a golden opportunity for investors.
The 2010 Soccer World Cup being held in South Africa is one of the biggest reasons to invest in Cape Town property. The city will be hosting a number of matches at a brand new stadium. Along with a massive infrastructure boost, experts are expecting Cape Town to be a more desirable destination for leisure and business travellers, investors, and of course, its residents after the tournament.
Cape Town property has long been some of the country’s most sought after, especially Atlantic Seaboard Property. - Elizabeth McLachlan
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