Semigration fuelling City Bowl price growth
The consistent increase in semigration to the Western Cape over the past several years is one of the main factors underpinning the City Bowl's resilient property market. A significant percentage of individuals selling their properties in other provinces such as Gauteng and KwaZulu-Natal are buying new ones in and around Cape Town.
Many homeowners have been asking what factors are drawing semigrants to the City Bowl? Apart from the breathtaking scenery and quality of life, it has been noted that the Cape Town Municipality has earned a good reputation for being well-run, offering adequate infrastructure, maintenance, security and active investment.
As a result of the spike in semigration, the City Bowl has enjoyed a surge in demand across most price points. In the first quarter of 2022, properties sold roughly 20-30% quicker than in the first quarter of 2021. The last time the market experienced such a notable increase was in 2015 when the property market turned sharply from a buyer's market into a seller's market.
With low inventory levels prevalent across the board, Quay 1 International Realty's area specialist brokers have been experiencing high purchaser demand for all areas within the City Bowl.
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