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With property prices in Cape Town hovering just above cloud cuckoo-land, investors and first-time buyers have begun to look elsewhere in the Metro for affordable homes.

While everyone wants a huisie by die see, the northern suburbs of Bellville and Parow are seeing an uptick in interest.

Boston, Oakdalge and Heemstede in Bellville and De Tijger in Parow are proving particularly popular with buyers due to the easily accessible road system, and several businesses and large corporations have now also established bases in these suburbs, boosting the local economy.

On top of the obvious infrastructure perks, the proximity to the Cape Winelands Airport on the outskirts of Durbanville – which is set to open for domestic and international flights in 2027 – is also increasing the value of living ‘up north’.

“Residents are attracted to the area for its well-established infrastructure, access to quality education, and a mix of residential and commercial amenities. Both suburbs boast a safe, family-friendly environment, which appeals to those seeking a balanced lifestyle,” said Mariël Burger from Pam Golding Properties.

Buyers in Bellville are slightly younger, and the average freehold and sectional title selling prices are slightly higher than in Parow.

According to BusinessTech, data from Lightstone showed that freehold homes in both suburbs have seen price growth of roughly 80% from 2014 to 2023.

“The corporate presence in the area creates employment opportunities, attracting a diverse workforce. This economic stability enhances the real estate market, as most people prefer living close to their workplaces,” said Burger.

“The ongoing multimillion-dollar project at Tygerberg Hospital – Stellenbosch University’s medical campus – will have a significant impact on the region’s healthcare landscape. The modernisation and expansion aims to attract skilled healthcare professionals, potentially influencing the demand for nearby residential properties.”

Looking at this two-bedroom apartment at Tyger Waterfront in Bellville, for instance, it’s easy to see how many people are opting to buy in this area, as a slightly smaller apartment in Cape Town goes for nearly R700,000 more.

With traffic a constant issue in Cape Town, it’s good that buyers are starting to look beyond the shadow of Table Mountain.

[source:businesstech]