Cape Town voted best city in the World - Again
Category Property News
At DG, we're always in the market for upbeat news and general, all-round positivity. Our brand is built on the back of positive human potential after all - a vision fuelled by the passion for what we do and who we are while we do it. Of course, though the recent news that this city we get to call home was once again voted "the greatest city on Earth" came as no surprise to us, the magnitude of this accolade and its wide reach must be emphasized - indeed celebrated - beyond merely being "positive news."
In the face of it all, we truly regard Cape Town as the global trailblazer in terms of destination, liveability, and lifestyle.
Also voted best city "brand" in Africa by Brand Finance, the world's leading brand valuation consultancy, it is interesting to note that the Mother City ranks highly for future growth potential, mainly due to our growing tourism industry. In addition, the Cape Town to Stellenbosch corridor being dubbed the "Silicon Valley of Africa" has extraordinary prowess.
But what do these accolades mean for our city's property market?
Historically a niche luxury agency dealing only in homes in the uppermost echelon, DG has diversified, now transacting in quality properties across the board. In recent years, our developments division has boomed with sold-out developments across the city, positioning us as sought-after experts in estate and sectional title living. This combined with decades of success on the Atlantic Seaboard and our stellar growth in the Southern Suburbs - especially in Bishopscourt, Constantia, and Newlands - is testimony to our deep understanding of the residential property needs of astute buyers and sellers across the city.
Despite property market fluctuations in recent years, real estate investment in Cape Town continues to be an attractive asset class for investors, both local and international. With the potential to earn recurrent income from rentals, real estate remains a lucrative investment opportunity. Although high-interest rates may give some investors pause, the right investment in the right market - and the right suburb - can still yield significant returns.
Sea Point's evolution from a sleepy seaside enclave to a future-forward hub, for example, plays a pivotal role in shaping 2023's purchasing market, while the V&A Waterfront's Silo District is yet further proof of such progressive desirability with discerning buyers preferring green buildings and connected eco-style living close to gourmet dining, designer shops, and cultural hotspots like the Zeitz MOCAA. Property development that extends living spaces beyond their entrances into lively dinery-lined streets, art galleries, outdoor gyms, and parks, is an irresistible drawcard for buyers - from international heavy hitters, veteran local investors to first-timers, all the way to savvy retirees. In the Southern Suburbs, contrastingly, foreign buyers especially are drawn to the incredible mix of sleepy vineyards, tranquil tree-lined avenues, equestrian pursuits, and the vast array of outdoor activities on offer - as well as easy access to some of the country's best schools.
Generally speaking - between 2020 and 2022 - prospective homebuyers around South Africa paid top dollar for homes, remote workers desiring more lavish properties fuelling the market. This year, however, the South African housing market continues to decelerate due to lower effective demand for property due to the weakening economy, the higher cost of living, and rising interest rates. Rental demand is expected to continue to increase during the last part of 2023 and well into 2024.
Closer to home, despite facing geopolitical instability, the Western Cape is trumpeted as one of the most exciting emerging markets globally. Continued growth in the Southern Suburbs and Atlantic Seaboard sales, is a clear indication that investors still see the benefit of making long-term property investments in Cape Town especially. DG's ever-widening footprint in the Southern Suburbs, with our own recent accolade of achieving 88% of all Bishopscourt residential sales over the past 18 months, is yet further proof that sales of quality homes in quality areas are booming. The return of an international market to the Western Cape and semigration itself also continue having a wide, positive impact - upcountry buyers are increasingly making the move to this region, yearning for a sense of serenity, easy living, and better-run municipalities.
Capetonians are well aware of the treasure trove of attractions our city has to offer - with its magnificent winelands, mountains, beaches, coastal activities, botanical gardens, top schools, colleges, and universities, together with unique places like Robben Island, Cape Point, the Promenade, Silo District, V&A Waterfront, Chapman's Peak, and the Zeitz MOCAA - being voted the greatest city on Earth, sets Cape Town apart as a global trailblazer for property buyers across the board, both locally and internationally.
Residential investment in Cape Town is definitely a clear winner for the foreseeable future - and as for being voted the best city in the world to visit and all that this means for the local property market, we at Dogon Group continue to stand firm that our Mother City is the very best city in the world to stay.
Our team of area specialists are at the ready to help you realize your unique property goals. From property valuations to private viewings, to simply more detailed information regarding the current property market, at DG we always deliver.
To connect with our Southern Suburbs team, call 021 671 0258 and for our Atlantic Seaboard team, call 021 433 2580.
Author: DG Properties
