Capetonians are grappling with higher property prices and longer queues as emigration to the Western Cape more than doubles in five years. Locals attribute crowded spaces and increased living costs to this significant population influx. Data from ooba Home Loans reveals a shift from Gauteng to the Western Cape, with the province now accounting for 29% of semi-migration housing loan applications, up from 14% in early 2020. Contrarily, emigration to Gauteng has dropped from 34% in 2019 to 25% in 2024. Investors are capitalizing on the Western Cape’s booming rental demand, leading to a rise in investment property purchases. Foreign buyers are also active, drawn by tourist hotspots and investment returns. Homebuyers are driven by well-managed municipalities and better governance in the Western Cape, despite the province sharing national issues like crime. Enhanced services and lifestyle benefits keep attracting new residents.
Original Source: The Citizen
Date: 2024-06-20 02:50:00
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