PROPERTY MARKET
CLAIRE BISSEKER: Will thriving Western Cape go its own way?
‘The Western Cape property market may have already decoupled from the rest of SA’
Given the extent to which South Africans are flocking to the Mother City, it seems just a matter of time before the Western Cape starts to ponder whether it can decouple economically from the rest of SA. Economists say this is unlikely, given the degree of economic integration that exists between the provinces. But Western Cape house prices have been higher on average than those in the rest of SA for decades, suggesting that its property market may have already decoupled. In addition, about 300 new families enter the province every month, dominated by people leaving Gauteng. This suggests that Cape Town is attracting people with greater skills and more capital than 20 years ago, when almost an equal proportion of migrants came from the impoverished Eastern Cape. The Cape Winelands is the fastest growing area in SA for high net worth populations, according to Sandra Gordon, a research analyst with Pam Golding Properties. She thinks it’s possible that Cape Town’s housing market could ...
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