The Western Cape province is currently leading the pack in so far as it relates to buy-to-let properties across South Africa.
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The Western Cape serves as South Africa’s southernmost province.
Choosing to reside here means never being too far from any beach and bordering on some of South Africa’s most scenic towns and natural wonders.
However, there are several more reasons why investors and buyers alike have been flocking to this province.
According to Everything Property, the Western Cape has held a 15 year high in national investment applications.
This number had risen to 11.8% of all applications by the end of 2023. The figure usually averages around 5%.
Investment applications in the Western Cape constitute 28.2% of total applications in the country.
These statistics are attributed to the fact that the housing demand in the province is enormous and property investors are taking note.
One of the main reasons why property in the Western Cape is highly sought after, is because South African locals are fleeing to the province in search of improved surety of infrastructure and service delivery.
The Western Cape region benefits from higher levels of investor confidence due to the widespread perception that the provincial and local government is better functioning within the province than in many other parts of the country.
The trend, titled ‘semigration,’ has also led to large scale property development within the area. Many locals move to the province and rent while searching for a home or while waiting for their home to be built.
Furthermore, tourists consistently flock to Cape Town, which stands strong as one of the world’s top holiday destinations.
Investors take full advantage of hot-spot properties which can be rented out via short-term leases or as holiday accommodation.
The increase in demand for rental properties has been the driving force of property investments within the province.
As such, the Western Cape has been dubbed the leader of the pack.
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Picture: Thomas Bennie / Unsplash
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