Dogon Group Properties [Cape Town, South Africa] - 2010 will trigger Cape Town's 'explosion into a true global city'

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2010 will trigger Cape Town's 'explosion into a true global city'

As a result of the major infrastructure investments and multimillion rand building projects triggered by the hosting of the 2010 FIFA World Cup, Cape Town is set to “explode into a true global city,” with property in prime positions being viewed from a world market perspective.

This is the view of property doyen Denise Dogon, who has just returned from New York and Dubai, where she met with some of the leading property investors in the world.

Dogon, who heads top-end estate agency Dogon Group Properties, says the vigorous development now taking place has already impacted positively on Atlantic Seaboard sales, and this effect is likely to extend far beyond 2010. She says that while the extraordinary natural beauty of the city has always been appreciated, investors have in the past looked upon Cape Town as a resort city. “This is all changing now as people relocate, and foreigners spend more and more time here, and return more often. “
Although prices in Cape Town have risen by huge percentages over the last three years, in her view they have not yet reached their maximum.

“As Cape Town becomes a global city, with development sustained by workable infrastructures, I believe there will be an increasing demand for housing, and the city will become more expensive. This has happened in all destinations around the world that have become global cities: Barcelona, for instance, had a similar burst of massive development before hosting the Olympics.”

She points out that the current strong focus on upgrading the entire transport infrastructure to provide a fully integrated solution for Cape Town is unprecedented. “Other cities have consistently focused on upgrading their transport systems, whereas Cape Town has had only piecemeal development for very many years. Now provincial and local government, and private enterprises, are working together to achieve a powerful restructuring of the whole transport system. The upgrading of the roads has begun; Cape Town railway station is going to be redeveloped to make it more user-friendly; and there is talk of a cruise liner terminal being built at the harbour. Cape Town International Airport is also being expanded at a cost of millions of rands to increase its capacity and efficiency.”

Other major projects being undertaken ahead of the FIFA world cup - the biggest sporting event in the world - include the redevelopment of the under-utilised Green Point common into a beautiful park-like area, and the continued development of the V&A Waterfront. “The possibility that the Cape Town International Convention Centre may be expanded is also reportedly under consideration. These are all factors that will increase the demand for residential and commercial properties in Cape Town.”

The impact of the investment into the growth of the city is already being reflected in property sales along the Atlantic Seaboard, the area in which her company specialises. “The outstanding prices we have achieved during the past six months have never before been seen in this volume.”

She says Dogon Group sales within the last six months have produced record prices, including one property sold for over R40-million; two for over R30-million each; three for over R20-million; seven for over R15-million; 10 for over R10-million; and 20 for over R5-million.

“The asking prices of other top-end properties on our books also reflect the fact that homes in prime locations in Cape Town are coming into line with the global property market. However, investors realise that the city still offers excellent value for money, as we came from a very low price base in comparison to other major cities across the world.”

Dogon says South Africa’s successful bid for the soccer world cup, which will bring an estimated 500 000 visitors to the country, and the resulting infrastructure developments has triggered investor confidence - good news for the growth of our economy. “There can be no greater compliment than for foreign nationals and companies to feel that a country holds so much potential that they are willing to invest their money in it,” she says. “In my view, there have never been more exciting times for Cape Town.”

Contact Dogon Group Properties’ head office in Sea Point on phone 021 433 2580.