Property knowledge and up-to-date information underpin good decisions. Quoin Technologies has partnered with the Urban Real Estate Research Unit (URERU) based at UCT and SAPOA to run four in-contact seminars a year.
The first seminar for 2023 was held on 25 January. The topic was: “What can we expect from the Cape Town Property Market in 2023?” The speakers were Rob Kane, the CEO of Boxwood Property Fund & Chairman of the Cape Town CCID, and Prof Francois Viruly, Head of URERU.
We had a packed auditorium with a chance to meet and connect afterward and, in true Cape Town style, lots of wine… and a few snacks. Cape Town has been in the news for all the right reasons recently: semigration, better-managed load shedding, and a city that seems to work.
Research has shown that the Western Cape’s economic structure has:
- A large private sector, powered by the services industry.
- A skilled workforce.
Remote working opportunities, a quality lifestyle, decent infrastructure, and a perception of good governance have driven the migration of skilled professionals from other provinces.
The city centre has seen various nodes developing. Although the Covid pandemic slowed things down, construction cranes remain a feature of the city skyline. Cape Town is a city of nodes, and across these nodes, there is ongoing development.
Some highlights include:
- The new Investec building at the V&A Waterfront nearing completion.
- The Harbour Arch precinct at the other end of the city, with its strong residential component, also nearing completion.
- The Amazon campus on the edge of Salt River/Observatory being encased in glass.
These precincts inspire confidence in the city’s growth and serve as catalysts for further development.
A Booming Summer Season
The 2022 summer season was a boon for the hospitality industry, with many hoteliers reporting figures equal to, or even better than, pre-Covid 2019.
However, rising interest rates and the effects of load shedding temper this optimism. But as much as these challenges limit growth, they also act as catalysts for migration to the city and the province.
Looking Ahead
The evening was both pleasant and informative, leaving attendees optimistic about the prospects for property across all sectors. Whether Cape Town will overtake Johannesburg as South Africa’s economic powerhouse remains debatable, but it is certainly giving it a run for its money… literally.
