The Western Cape property sector is currently experiencing an alleged buyers’ market. David Maynier, Western Cape Finance and Economic Opportunities MEC said it is cutting across all three property sectors – residential, commercial and industrial.
He made the revelations while speaking at the launch of a comprehensive report on the province’s property sector.
The report was commissioned by Wesgro, with the aim of providing current and potential investors with an all inclusive guide to what is happening in property sectors in key intersections in the Western Cape.
Maynier said “Property is the key driver of investment. Infrastructure is often what attracts investment into Cape Town and the Western Cape.”
While speaking at the launch, Western Cape Premier Alan Winde said that business confidence is currently at a critically low point. He added that the report would help restore investor confidence again.
Winde alluded to the fact that tourists are also potential investors, hence his drive to address safety concerns in the province.
“We have to create the space that is business and investor friendly. If we do not, then we have some big trouble ahead,” said Winde.
The report’s data was compiled from different sources including the Western Cape Government Provincial Treasury’s Municipal Economic Review and outlook (MERO) 2018, the SA Property Owners Association (SAPOA) quarterly assessment of various commercial nodes; Lightstone Property’s overview of residential markets as well as rental and sales values as they periodically appear on Property24.