Cape Town property boom

MARKET: HOUSING PLANS FIXES FOR R1.2TRN

- Bloomberg

Cape Town, Africa's most expensive city for real estate, plans to make it easier to develop homes as thousands flock to the metropolitan for a better quality of life, putting pressure on its R1.2 trillion residential property market.

Wedged between the iconic Table Mountain and the sea, and in close proximity to picturesque winelands, South Africa's second biggest city has long been a favourite base for the wealthy seeking to enjoy warm weather and an outdoor lifestyle.

Luxury properties, including on the affluent Atlantic Seaboard region, are among the most in demand on the continent, with prime apartments selling for an average of R108 000 per square metre.

Cape Town, led by the DA since 2006, also ranks as the country's best-run major city.

It's drawn middle-class families fleeing poorly governed South African metros after remote working became popular during the coronavirus pandemic.