Capetonians are feeling the pinch as property prices soar and queues grow longer, a result of emigration to the Western Cape more than doubling in the past five years. Increased semi-migration to the region, illustrated by ooba Home Loans data, highlights this trend. Before 2020, most semi-migrants flocked to Gauteng, but now the Western Cape is the preferred destination, evidenced by the surge in home loan applications – 29% in early 2024 compared to 14% in early 2020.
Savvy investors are capitalizing on this growth by buying rental properties at unprecedented rates. Despite a drop in vacation home purchases, the number of foreign buyers in tourist hotspots has risen. The region’s appeal lies in its well-managed municipalities and reliable service delivery, attracting homeowners disillusioned by the inefficiencies in other provinces. The Western Cape offers not only lifestyle perks but also better governance, driving its popularity among both locals and investors.
Original Source: The Citizen
Date: 2024-06-20 02:50:00
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