The Western Cape's trade promotion agency Wesgro has launched an inaugural report on the province’s property market, which it says provides a comparative analysis on commercial office, retail, industrial and residential property for sale or to rent.
Wesgro CEO Tim Harris said in a statement on Tuesday the rationale for the report, titled ‘The Western Cape Property Report 2018/19', was the fact that property was a key driver of investment into any region and often the first consideration for investors when deciding on their locale.
The report includes data on the City of Cape Town, George, Saldanha Bay, Vredenburg, Stellenbosch, Paarl and Franschhoek.
The publication also provides overviews of each municipal district’s key economic sectors, as well as the avenues, agencies and incentives each one offers in terms of ease of investment.
The report features property values for the 2018/19 financial year, including values of vacant land for sale, commercial property for office buildings and retail venues in terms of sales and rentals being asked, industrial buildings for sale and rent, and an overview of the residential property market with respect to market stock, age profile of owners and market activity.
“The report will enable current and future investors to make the best possible decisions in terms of where to base their operations in the Western Cape, whether they are looking to set up a factory in an industrial area, open a corporate office or even determine the [best] areas in which their staff can find homes,” said Harris.
“We are committed to growing the economy and creating jobs in the Western Cape, and we recognise the importance of the property sector in that project. Not only does it provide the space for businesses to operate and grow, but the infrastructure is what attracts investment to Cape Town and the Western Cape,” noted Western Cape Finance and Economic Opportunities Minister David Maynier.
“In many ways, a report like this can play an important role in future urban planning of the cities and towns featured in it, as it highlights key nodes that are already growing and gaining in significance as multipurpose economic centres,” commented Western Cape Property Development Forum chairperson Deon van Zyl.