Despite the challenges, the market has been the best performing in the country, largely because it is so multifaceted, says Samuel Seeff, chairman of the Seeff Property Group.
It’s not just a holiday or residential market but is supported by a broad spectrum of demand, from residential and corporate to short-stays and Airbnb.
With four universities and many colleges, there’s a buoyant student market, while further demand comes from various events and the CTICC.
Semigration is expected to be a major boost for the market this year, he says.
Renting is often an initial preference while they acclimatise, and renting allows them to live the Cape dream, from a beach to a wineland or country lifestyle, even if they can’t afford to buy.
Seeff says despite the recent pressure, some landlords have achieved excellent rentals. Family-friendly neighbourhoods dominate the rental market.