Cape Town CBD property investments exceed R3.5 billion – Medical Marijuana Program Connection

Property investment in Cape Town’s CBD exceeded R3.5 billion in 2022, representing major growth across various sectors of the City.

Also read: Cape Town property value outperforms the rest of South Africa

The latest edition of the State of Cape Town Central City Report 2022 – A Year in Review (SCCR) featured 22 property developments or redevelopments that were recorded last year. Of these, four worth in excess of R170 million were completed, 12 worth more than R3 billion were under construction, five worth in excess of R300 million were in the planning phase and one project was proposed.

According to Businesstech, eight of the 22 projects were residential buildings, which are set to add thousands of new units to the City’s competitive property market and indicate a strong demand for residential property. Six projects were commercial properties, four were mixed-use, two were retail buildings and one was a parastatal.

Rob Kane, the Cape Town Central City Improvement District (CCID) chair, says the results of the report indicate a clear path for the City moving past COVID-19 and that it is experiencing growth and stability.

‘With the construction sector regaining its pre-Covid momentum, and the total value of property investment in the Cape Town Central City to be conservatively estimated at R3.555 billion, it bodes well for further growth and investment in the economic hub of the Mother City.’

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