South Africa’s property market had a good year in 2016, according to a global property report published this week. In the report, two South African cities ranked higher in terms of property value growth than wealthier global counterparts Milan, Tokyo and Moscow.
At position 92 out of 150 cities is Cape Town, which saw property values grow by 3.9% last year, topping major cities that include Paris and New York.
Johannesburg came in at number 109 with a steady 2.2% growth last year, which experts say is good, but still beneath the global 6.6% average, according to the 2017 Knight Frank Global Residential Cities Index. The index looks at the property markets of 150 cities to determine the average increase in property values over a 12-month period.
“The lifestyle that Cape Town offers is exceptional and hard to beat for the sort of money you pay to live here,” says Denise Dogon, chief executive officer (CEO) of Dogon Group Properties.
“With the way it has developed in terms of restaurants and infrastructure, and all the awards it has won, the report doesn’t surprise me. It’s also one of the safer cities as crime is generally confined to certain areas.”