Plattekloof - the undiscovered gem of Cape Town
The most beautiful city in the world!
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Since the transformation of South African politics in the early 1990s, the value of Property Investments in Cape Town has increased significantly, confirming Real Estate to be one of the best investment opportunities in the country.
The residential property market has shown greater resilience in the last few years to a number of worrying events than in the past. The September 11 attacks on the United States brought with them a number of horrifying and worrying fears of a global recession. The property market, however, soon showed signs of improvement despite fears of a global meltdown. South Africa is not immune to global developments, but the resilience displayed by the residential property market during times of great volatility bodes well for the overall market in the years to come.
In a survey conducted by the Institute of Estate Agents and released during August 2002, it was noted that the Northern Suburbs of Cape Town have recorded price increases of up to 87% over a 4 year period, with prices continuing to rise due to amongst other, the increased number of foreign investors buying in these affluent areas. In an article in the Sake Rapport on 21 November 2004, the South African Reserve Bank announced that they expect property values in the Western Cape to grow by 30%. Figures released by ABSA in their latest Economic Research (November 2004) shows that the average national house price for units in the 80m² to 400m² category rose to R2.2M, an increase of 32.7% year on year in real terms. For the first three quarters of 2004, house prices have already risen by more than 30% year on year in both nominal & real terms. Third quarterly figures for the Western Cape indicate growth of 34.5% year on year for the 141m² to 220m² category.
According to Marie van Rooyen of Nationlink Plattekloof, residential plots in Plattekloof were sold for average prices of R40 000 to R95 000 during the early nineties. Today, she says, between R600 000 to R1 600 000 are being paid for those same plots, providing an excellent indication of the growth that property in this prestigious area have achieved over the years. During this period, house prices have increased from R250 000 to R1 500 000 to the 2004 sales prices ranging between R2 500 000 and R10 000 000.
The growth achieved in Plattekloof, have outgrown those obtained in a number of other areas in the Northern Suburbs and it is considered to be the most prestigious area in the Cape Town Northern Suburbs with regards to both growth and unit value.
Staying in Plattekloof will give you a whole new perspective on Cape Town.
All you need to do is look outside the window..
Article by: Nationlink Plattekloof