Cape Town Property Market
Category Newsletter: Company Message
Cape Town’s property market has softened in recent months, much in contrast to the ever-rising tide of house prices seen a year ago. This has left many home owners struggling to rent or sell their most prized possession and asking the obvious question, why? Whilst it may be difficult to pinpoint the exact cause, one can safely point to various factors that are playing a part.
Affordability and poor rental returns has most likely had the greatest impact on property demand, with house prices in sought after areas of Cape Town, having doubled over the past five years. This has left many buyers with no option other than to continue renting in the more affordable areas for the time being. Cape Town’s water crisis has also negatively impacted the economy, ultimately resulting in a squeeze on household income and contributing to the dampening property demand. Let’s hope that the rain seen his past week, is a sign of things to come.
With the drought comes shrinking of the soil, which can adversely affect the foundations of buildings, leading to cracks in walls and floors. Careful monitoring of your building is recommended and for this reason, Coastal Property Maintenance has introduced a new service of Roaming Building Manager. The service involves the inspection of buildings on a regular basis and providing detailed reporting to the Trustees and / or Portfolio Manager on all aspects of common property. The service will go a long way in assisting with the general upkeep of your building. Please contact Erich Zimny, our Maintenance Manager, for more information on 021 418 2255 or email him at erich@coastalpropertygroup.co.za.
Once again, on behalf of management and all our staff, I would like to thank you, our valued client, for your continued support.
Author: Paul French, Commercial Director
