A luxurious home in the Cape Town neighbourhood of Clifton has recently gone on the market for R160 million.
The Western Cape has become a hotspot for South Africans looking to leave other metros for more remote work options and a possibly higher salary, says real estate company Seeff.
Data from FNB’s Estate Agents Survey shows an increasing trend for homeowners in South Africa to downscale due to increasing financial pressures since pre-covid 2019.
The work-from-home pandemic-induced trends has spurred a wave of home-based small businesses and cottage industries.
The rental rate for a family house in a middle-class suburb is now around R14,000 to R28,000 per month - with the average at around R20,000, according to the Seeff Property Group.
A 71-apartment development in Cape Town - The Flamingo - is near completion, bringing an iconic, Miami-inspired facade to the Sea Point skyline.
Rental payments remain a high priority in South Africa, despite the economic challenges faced by tenants, notes TPN Credit Bureau.
A housing shortage in Cape Town, where demand exceeds supply, and a general space issue in the CBD means that property prices are generally higher in The Mother city than elsewhere in the country.
Sun International has revealed an expansion plan worth approximately R1.1 billion, comprising multiple projects across its Sun City Resort in the North West province.
The Western Cape has seen South Africans from other metros arriving en masse for better-run municipalities and a more laid-back lifestyle.
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