South African property investment in Cape Town is expected to flourish in the next few years.
Development in the city’s CBD (central business district) is thriving, with 19 projects costing around R20 billion due to be completed over the next three years.
“We’ve seen very strong growth over the past few years, it is steady growth and it shows clear signs of continuing at least at the same rate – if not even stronger – between now and 2020,” commented Rob Kane, the chairman of Central City Investment Development.
The schemes include a mixture of entire new buildings as well as refurbishments. Some of the more noteworthy schemes include the Netcare Christiaan Barnard Memorial Hospital and expansion of the Cape Town International Convention Centre (CTICC) – which will be operational from the middle of this year.
In addition the Harbour Arch development, which will include seven towers, will house a mix of retail, residential and commercial units alongside gyms, restaurants and hotels – including two blocks for Marriott.
Such investment from a popular hotel chain has also increased confidence in Cape Town’s tourism industry – which is one of the main growth industries in the city.