The Western Cape’s lucrative property industry has survived the economically devastating drought which has almost brought other industries such agriculture and tourism to their knees.
The province is contributing significantly to the country’s property industry, valued at R5 trillion.
Hundreds of stakeholders in the property industry gathered in Cape Town at the weekend to discuss challenges and opportunities in this multi-trillion rand industry.
While expectations were that the Western Cape’s growth would be hampered by drought, experts say the situation was not as bad as initially anticipated.
Paul-Roux de Kock Data & Analytic Director: Lightstone Group says:
“What we’ve done is we’ve looked at sales in January this year and compared them to previous Januaries. Because I think January this year activity actually picked up. So the drought, while it had people worried, as a short term problem that can be solved.”
De Kock says the industry is still contributing phenomenally to the country’s GDP and job creation.
Some role players say the current political and economic conditions are even more conducive to further growth.
Marketing Manager at Private Property, Greg Crowder says: “Well with the recent rate cut of up to 25 basis point is making cheaper for everyone of realizing their dreams of owning a property.”
Property buyer shows and seminars such as these, are now attracting investors, property developers and real estate agents from as far as Europe, the Middle East and from throughout the continent.
Event Director at Property Buyer Show, Richard Stubb says: “Ja, I think there is always an interest, whether there is we’re happy about the current situation and our visitors are always keen to learn more.”
Despite its water challenges, the Western Cape remains attractive to potential buyers.
Recently the province spent close to R1 billion on the suburban properties in Cape Town’s sought after Atlantic Seaboard.
The event has become so popular that the organisers have decided to make it an annual event.