Investors like what they see in Cape Town’s CBD
But report finds that high cost of private property makes it difficult for private developers to construct much-needed affordable housing
The property market in Cape Town’s central business district (CBD) is benefiting from strong investor confidence, according to the latest State of Cape Town Central City Report produced by the Cape Town Central City Improvement District (CCID). However, the CCID said, the high cost of private property in the CBD, even underutilised commercial buildings, made it difficult for private developers to construct much-needed affordable housing in and around the area. The CCID is a private-public partnership that provides complementary urban management services in parts of Cape Town’s inner city. Its report released on Thursday stated that about R16.2bn of investment had, conservatively, been committed to the Cape Town central city between 2012 and 2019. Between 2012 and the end of 2016, close to R4.5bn in property investment was completed. There were also R4.32bn worth of properties under construction and another R7.4bn either in planning or in proposal development phase. CCID chairperson ...
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