I don't think the lady answered the original question. It woukd be interesting to know what percentage of these high end properties are owned by South Africans and how that stacks up with other cities with a similar profile
Go to any major city in the world, and you will find the most expensive properties at the heart of the city, getting less expensive as you move outwards. Cape Town (both the city, and the towns that surround it) is no different.
@@nkanyisombatha7899 There is nothing to justify, there is only something to understand. And that is the basic economics of supply & demand... And when you look at Cape Town the forces of supply and demand are even more powerful: You have an increasingly desirable city with massive 'semigration' into the Western Cape, but you have very limited space in the city itself because it is enclosed by mountains and the sea. So you physically cannot expand the city like other cities - which means, in the first place, it is physically impossible for all the people who want to live in Cape Town to do so. And which also means demand will increasingly outstrip supply - pushing the prices up further So even if you created more affordable housing in the city somehow, you would first have to prevent the recipients of that housing from selling it (or even sub-letting it) - because the actual value of their land/property will be FAR higher than what they paid for it (or not)... so many people would want to cash in. And then it stops being affordable housing. So you're back to square one. At the end of the day, the increasing population in the Cape Town metropole cannot continue to rely on the existing city centre - exactly because it physically cannot expand. So the CBDs of the surrounding areas need to be invested in.
Hi Lester, thank you for this Cape Talk....the property price dilemma is part of a global trend to separate income groups from others. In the past we had 'class' distinctions but now we have a large lower class and middle class who have 'bought' their class and without much culture to back the stake in society, are able to , albeit only financially, land themselves a segregated (pun intended too as most of these developments are gated) estates...or neighbourhoods were residents can afford private security companies to keep streets clean of underprivileged people from walking around, even in the daytime..such as parts of the Atlantic seaboard has to offer. It is a social problem, Lester. This year has seen an increase of 10% in rental housing, something that has knocked many a household given rising costs of living etc. In my honest opinion, it would be wise for there to be a law put in place to cap the amount of rent one can ask for a place. If not, then the current trajectory will continue to separate our South African society which in turn encourages crime and desperation.
Turkey, Bali, Tunisia, Malaysia - all these countries are more affordable and much safer.
I don't think the lady answered the original question. It woukd be interesting to know what percentage of these high end properties are owned by South Africans and how that stacks up with other cities with a similar profile
Airbnb and foreigners
Go to any major city in the world, and you will find the most expensive properties at the heart of the city, getting less expensive as you move outwards. Cape Town (both the city, and the towns that surround it) is no different.
So that’s justification for you??
@@nkanyisombatha7899 There is nothing to justify, there is only something to understand. And that is the basic economics of supply & demand... And when you look at Cape Town the forces of supply and demand are even more powerful:
You have an increasingly desirable city with massive 'semigration' into the Western Cape, but you have very limited space in the city itself because it is enclosed by mountains and the sea. So you physically cannot expand the city like other cities - which means, in the first place, it is physically impossible for all the people who want to live in Cape Town to do so. And which also means demand will increasingly outstrip supply - pushing the prices up further
So even if you created more affordable housing in the city somehow, you would first have to prevent the recipients of that housing from selling it (or even sub-letting it) - because the actual value of their land/property will be FAR higher than what they paid for it (or not)... so many people would want to cash in. And then it stops being affordable housing. So you're back to square one.
At the end of the day, the increasing population in the Cape Town metropole cannot continue to rely on the existing city centre - exactly because it physically cannot expand. So the CBDs of the surrounding areas need to be invested in.
Hi Lester, thank you for this Cape Talk....the property price dilemma is part of a global trend to separate income groups from others. In the past we had 'class' distinctions but now we have a large lower class and middle class who have 'bought' their class and without much culture to back the stake in society, are able to , albeit only financially, land themselves a segregated (pun intended too as most of these developments are gated) estates...or neighbourhoods were residents can afford private security companies to keep streets clean of underprivileged people from walking around, even in the daytime..such as parts of the Atlantic seaboard has to offer. It is a social problem, Lester. This year has seen an increase of 10% in rental housing, something that has knocked many a household given rising costs of living etc. In my honest opinion, it would be wise for there to be a law put in place to cap the amount of rent one can ask for a place. If not, then the current trajectory will continue to separate our South African society which in turn encourages crime and desperation.
Agree
Ash doesn't know what she's talking about.
Wealthy people. Unless something illegal's going why is this a story?