Being around in the same time zone, available for inspections and meetings is a must.
4 Reasons the Cape Town Rental bubble has burst
Having an expert manage the busy work of buying a property is a blessing. Even less stress! Foreign ownership in the South African property market has experienced an encouraging upsurge over the last several years. Many postulated that this figure would decrease in the following months, but this was not the case. Gauteng and Cape Town are at the top of the purchasing pile; Cape Town due to its cosmopolitan ambience and multi-cultural inclusiveness, and Gauteng because of the thriving industrial and business hubs which offer many employment opportunities.
The current view of the percentage of property transfers in the higher value bands shows that the Western Cape is the top performer in the country, followed by Gauteng. The Western Cape in comparison has enjoyed the most growth in the R4-million value band, and negative growth in the R3-million to R4-million band. Growth and popularity in the R2-million to R3-million value bands remain high for both provinces.
The upper value band in the Western Cape is expected to continue to grow in popularity. Taking a closer look at transactional data within the provinces, Cape Town and Milnerton in the Western Cape, and Sandton and Johannesburg in Gauteng, are the highest growth areas. In the Western Cape, Cape Town foreign interest is far wider spread geographically.
The growth in Sea Point, which has been very popular over the last five years, has declined, while Rondebosch has doubled in volume. Observatory, where new developments have tripled, has become very popular. Kenilworth has also shown an increase in foreign investment since Earlier this year, Lightstone reported on the Western Cape drought and how it did not deter foreign investors from looking to the province for purchasing opportunities.
43 Properties and Homes For Sale in Cape Town, Western Cape
The current view of the percentage of property transfers by province and year of purchase bears this out, with the Western Cape as the top performer in the country. The province has shown a steady increase in foreign sales over the last five years. For the first time in years, Cape Town rental market is oversupplied.
With demand low, landlords will need to re-evaluate their rentals and marketing strategies in order to find tenants. We noticed a significant shift occur from around October that saw landlords facing vacancies for the first time in years. Grant Rea, Residential Sales and Letting Specialist at the Remax Living office that operates in the Cape, says that it is the first time in seven years that he has noticed a shift to an oversupplied and under demand rental market.
But, far from being a hopeless situation, Rea suggests that landlords simply need to reassess the anticipated returns. This excludes a significant number of landlords that are offering their spaces privately across social media platforms and on Community Facebook pages.
This includes video marketing and exposure on social media platforms, as well as creative wording for ads that highlight the best features and consequent benefits for a potential tenant. Rather than being an ongoing problem that should raise caution for investors, Rea suggests the following reasons for the shift in an oversupplied cape town rental market:. As these buildings reach completion, the majority of the units go into the rental market.
This problem will persist for the next two years or so as new developments are coming online now, with as many as 35 approved development and blocks nearing completion. As more units flooded onto the short-term letting market, owners had to price their units more competitively to compete. Eventually, many landlords became disgruntled and have returned to letting long term again, flooding the rental market as a result.
Combine this with the fact that the growth in income has been disappointing in relation to living costs, and you understand why many tenants have simply decided to move away from more expensive areas and rent elsewhere. Remember, they will be quite aware of the situation and will be seeking the best value possible.
If you are looking for a rental property or planning to relocate to Cape Town we can offer professional dedicated assistance with every part of your move. It makes sense really. Renting a property represents a relatively sound way to pay the property off while it appreciates.
Theoretically, once paid off, you should also benefit from an additional income stream should you continue leasing the property. Investing in a rental property Cape Town is not for everyone though as there are risks involved and inevitably, issues crop up. The following 12 points should give you a fair idea as to whether or not investing in a rental property Cape Town is for you:. Careful consideration of these factors will help you make the right property investment decision.
We are NOT estate agents, we are buyers agents. Space can offer you a tailor made rental search service, to find a long term rental home here in Cape Town, whether you are:. Cancel Search. Lifestyle 0 selected. Outdoor Recreational. Amenities 0 selected. Eco-Friendly Green.
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