High-end and luxury rental properties are booming in Cape Town as many South Africans move from Gauteng and foreigners settle in the city for the lifestyle and value for money.
Alexa Horne, managing director of Dogon Group Properties, says semigrating professionals often have large monthly budgets to spend on rent while they look for family homes in upmarket areas.
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“We also have foreigners moving to Cape Town in pursuit of the lifestyle and value for money, as well as South Africans returning after a stint overseas. They too are driving demand for upper-end property rentals.”
Another factor driving demand is that many people are looking to move into bigger properties, often in the suburbs.
“Houses that offer extra bedrooms or studies – space for home offices for professionals now working remotely due to Covid-19 – have been in huge demand. Bigger homes also allow family members to move in together, something which we are seeing a lot of as lockdown takes its toll on many people’s livelihoods.”