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The directors at High Street Auctions said that the appetite for the City of Cape Town’s land and property has been massive lately.

In fact, Greg Dart says that given the number of people moving to the Mother City, there is simply not enough space anymore for the city to grow.

Foreigners are nesting here (particularly Russians, apparently), while folks from KwaZulu-Natal and Johannesburg are semi-grating here, and businesses, too, are migrating from other regions in the country for a better shot at life.

Data from Lew Geffen Sotheby’s International Realty shows that demand for office spaces in the Western Cape is reaching pre-pandemic levels, following a trend of ongoing decentralisation by businesses in the country.

As a result of this influx of people, High Street Auctions has reported record levels of interest in Cape Town land, per BusinessTech.

“In the past, bidding at City of Cape Town property sales has been competitive. This month, I think it’ll be nothing short of ferocious,” said Dart.

The city of Cape Town has a lot more to offer than lush land, which is just driving interest in property sales like never before:

Dart said the City of Cape Town has also become very enticing with 60% less load-shedding than the rest of the country, a cash-for-power plan buying electricity from businesses that feed back into the grid and an across-the-board property rates relief package peaking at 52% for homes valued below R5 million.

The company is planning a large-scale auction dated 29 June, with the large pieces of undeveloped lots already receiving major traction:

“The houses and development sites across the peninsula from Muizenberg through Grassy Park, Tafelsig, Strandfontein, Khayelitsha and across to Stand, Goodwood and Durbanville will be sold by High Street Auctions on behalf of the City of Cape Town,” said Dart.

He said that bidder interest is primarily focused on properties in the following areas: Newlands, Gardens, Durbanville and Muizenberg. Properties vary from smaller homely cottages to large-scale development lots.

While it is nice to see the Western Cape no longer considered just a holiday destination, and rather business heavy-weight, it isn’t a great thought that we might run out of space soon.

[source:businesstech]