The grass really is greener in Cape Town, and so are the buildings
Category Property News
Ex-Gauteng residents and semigrants from other SA provinces are buying more properties in the Western Cape than ever before. An under-construction mixed-use building in Cape Town's CBD offers a wonderful property opportunity for semigrants, as well as those looking to invest ahead of soaring property prices.
The trend of semigration has been noticeable in the Cape for some time now as ex-Gauteng residents and semigrants from other SA provinces make the move to Cape Town - snapping up properties close to good schools, amenities, and lifestyle offerings.
However, the deterioration in Gauteng's infrastructure - with roads, electricity, water supply, and sewage services all having degraded significantly in recent years - has caused an increase in the number of people looking to relocate to Cape Town. According to Stats SA, the Western Cape will possibly gain an additional 313 000 semigrators over the next five years.
This is backed up by an article in Financial Mail, which states that home load data from FNB shows that 16% of middle- and upper-income households are planning to relocate within South Africa - the highest level since FNB started tracking housing patterns. At the same time, the proportion of sellers planning to emigrate slowed to 8% - which means that people are opting to move to the Cape as an alternative to emigrating.
Alexa Horne, DG MD confirms that the allure of the Cape has long been pulling families, professionals and retiring couples. The main reasons for this swell of relocations have historically been from people looking for a lifestyle change, and wanting quality of life in beautiful surroundings. The municipal woes and service troubles being met in parts of South Africa has sharply highlighted to many people the need for increased safety and stability in general - something that Cape Town thankfully still offers, with arguably the best municipality in the country at the helm.
There are many other factors drawing people to the Cape, as outlined by the Financial Mail article. For starters, the Western Cape's unemployment rate is six percentage points below the national average. Cape Town usually experiences load-shedding one stage lower than the rest of South Africa, thanks to the Steenbras Dam hydroelectricity scheme. The Western Cape has secured more foreign direct investment into green technology over the past 20 years than any other city in Africa and as a result expects to be free of load-shedding within three years. The city is rated as Africa's "tech capital" and has attracted the likes of Amazon, Google, Microsoft and Construct, and is home to almost 60% of South Africa's start-ups, many of them in the tech space.
This rising demand has led to an increase in property prices and a scarcity of stock. On occasions, demand has outstripped supply in some of the most desirable Cape Town areas, such as the southern suburbs, Atlantic seaboard, V&A Waterfront and the CBD. This means that the price of a home is that much more expensive in the Western Cape, and that finding a quality option in the right area may be harder than many people think.
But there is good news for semigrators looking for well-priced property in one of the most sought after areas of Cape Town, and likewise for investors who want to purchase property ahead of the growing influx of people, and steadily increasing Cape property prices:
Construction has begun on The Fynbos, Cape Town's first biophilic building - a 24-storey living, breathing mixed-use building on Upper Bree Street in the heart of the cities CBD which offers a truly unique and lucrative property investment option - either to live in or rent out. Once completed, The Fynbos will feature 689 apartments, and include a rooftop sunset terrace with lap pool and co-working space, a rooftop fitness centre, as well as a ground-floor plant-based restaurant, a tearoom, and a botanical bar.
Biophilic buildings incorporate things like natural lighting and ventilation, natural landscape features and other elements to create a more productive and healthier built environment. As the first truly biophilic living structure on the continent, The Fynbos - which is currently in the process of achieving Green Star certification from the Green Building Council - will have several innate sustainability features built into it from inception. One of the most exceptional sustainable design features of the building is its exterior, which is draped in a 1200m2 vertical garden made up of 30 species of indigenous trees and 20 species of indigenous shrub. These exterior plantings will have a cooling effect on the building, providing shade and screening as a form of climate control. Water efficiency will be improved through low-flow fittings, well-point filtration, and a sophisticated rainwater harvesting system. Integrated PV solar panels will generate the electricity quota needed to power the common areas, minimising fossil fuel consumption, and a central heated water system avoids individual geysers. These energy savings will be passed back to the owners through reduced levies. Expansive windows and glass sliding doors, utilising specialized double glazing, overlooking panoramic views of mountain and city, will allow in abundant natural light. The double glazing reduces the amount of energy spent on heating in winter and acts as a sound softener.
Apartments within this development are priced to appeal to a diverse audience. The luxury studio units start at R1,104 million and range in size from 24 square metres up to 40 square metres. The one bedroomed apartments start at R1,360 million and range in size from 34 square metres up to 58 square metres, whilst the two bedroomed apartments start at R4,920 million and range in size up to 82 square metres.
The Fynbos blends best-of-breed sustainability principles with iconic architecture and on-trend detailing - designed to be extraordinary in every way. This exceptional development - situated in the beating heart of Cape Town amidst some of the trendiest boutiques, eateries, galleries, theatres, and bars and only a few minutes from the V&A Waterfront, Green Point Stadium, and Atlantic Seaboard beaches - will redefine inner-city living for Cape Town, South Africa, and Africa as a whole.
For more information visit The Fynbos website at www.thefynbos.com or visit www.dogongroup.com.
Author: DG Properties
