Is Cape Town too expensive for South Africans?
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Cape Town has become the most expensive place in Africa to buy property, driven by international demand and semigration from other parts of South Africa. Rising property prices are making it difficult for lower-income residents to find affordable housing.
Cape Town has become the most expensive African city to buy property, with prime real estate averaging R102,750 per square meter. International demand and semigration from other South African cities have driven up prices. The rental market is also affected, with digital nomads increasing demand for Airbnb units and pushing up prices. As a result, lower-income residents are struggling to find affordable housing near their workplaces. The city's mayoral committee member for human settlements and housing lobby groups are exploring solutions to the crisis. Rising prices in once-accessible suburbs have also made it harder for middle-income and first-time buyers to enter the property market.
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