Residential property put in a strong show in the Cape Town CBD in 2022 with an impressive line-up of cutting-edge developments dominating the property development scene in the city centre – and values and rentals also performing well post-Covid.
Of the 22 property developments that came on stream in 2022, with a net worth of R3,555bn, eight were residential builds conservatively estimated to be worth R1.65bn.
These were among the key findings of the latest edition of the State of Cape Town Central City Report 2022 – A Year in Review (SCCR), published annually by the Cape Town Central City Improvement District (CCID). The 11th edition of the report reflects on the economic climate in the CBD across the previous year and is a reputed investment tool for business and property investors.
With the overall value of all property in the Cape Town CBD set at R42.9bn according to the City of Cape Town’s 2022 property evaluation, the new developments added to the ongoing dynamism of the city centre last year.
Rob Kane, CCID chairperson and chief executive officer of Boxwood Property Fund, says: “With the construction sector regaining its pre-Covid momentum in 2022, the CBD’s skyline was punctuated by yellow cranes hovering over building sites. This was unique to the Cape Town CBD, which remains the most economically successful central business district in South Africa and has recovered remarkably post-Covid-19.”
Kane says the new developments – which were completed last…