Experts say Cape Town is likely to lead the trend towards the recovery of the property market, partly thanks to people’s ability to work from wherever they like.
Q: My partner and I want to invest in the Western Cape property market, particularly Cape Town. Our thoughts are to invest in rental properties in the short-term letting market, although we would consider long-term lets for professionals. Does this plan sound like one that could be successful?
A: We’re finally starting to see a glimmer of something at the end of the tunnel that points towards recovery and Cape Town is most likely to lead this charge as it has an incredible value proposition.
Particularly interesting to me is the changing working paradigm, which is set to catalyse a wave of semigration.
The protagonist of this trend is the digital nomad, who is essentially an individual able to work remotely and travel or live wherever they choose, for as long as they choose.
Cape Town, which was recently listed among the “best cities for remote working” by Big 7 Travel, has long been a favourite with digital nomads.
James Vos, mayoral committee member for economic opportunities and asset management, recently stated that targeting digital nomads will become part of Cape Town’s new international campaign.
The Western Cape provincial government has formally requested the introduction of a “remote working” visa, which will allow international visitors to stay longer and work remotely while travelling in the country. For investors, particularly those buying in Cape Town, this means a highly attractive value proposition. I expect a full recovery in the short-stay letting market. – Jacques van Embden, managing director at property development firm Blok