Cape Town Property Stabalises With the Rains
If you have family or friends in Cape Town then you may be in a position to give them some much needed good news. Multiple real estate experts have come out in support of the Cape Town property market’s performance and things may be looking up in the metro.
Krugersdorp has seen quite a bit of action in recent weeks and a lot of that news has been positive, with social developments and celebrations taking place to bring neighbours closer together. That community spirit is a big part of the reason that people are always looking into real estate for sale in Krugersdorp, but the good news isn’t entirely isolated to this bustling town as, further afield, Capetonians have cause to pull together as well.
A collective fear of a sustained drought has been on the mind of many a resident of Cape Town over the past year but dam levels have surpassed anticipated levels, giving many an early Christmas present. As it stands, the six key dams supplying the city are more than two-thirds full‚ at 66.7% of their total capacity. This time last year they were at 35.1%. This is also excellent news for the local property market, as prices and investor interest had taken strain due to the threat of sustained drought.
Beating out the odds against nature and a technical recession, the general Cape Town metro and specific areas in particular are showing promising signs of growth once more. According to Pam Golding CEO Andrew Golding, “with a younger generation eager to enter the property market and an up-and-coming segment of the market which has newfound wealth and a desire to invest in real estate, we hope to see a gradually improving housing market.”
FNB reports, however, assert the opinion that while the market is recovering from drought related concerns properties in Cape Town had exploded in price to the point where even with improved conditions many areas within the metro would slow as household incomes had to rise to accommodate the already steep property prices.
