Basil Moraitis News Today

Cape Town's thriving tech city fuels property market and foreigners flock to the Atlantic Seaboard: Foreign buyers flock to Western Cape's Atlantic Seaboard and City Bowl, driven by increased demand from Europe, UK, and US as remote work and holiday appeal drive interest, while Cape Town emerges as a tech hub attracting start-ups, call centers, and experiencing high housing demand, along with the growing tech scene in Stellenbosch and diverse property options.

Affluent South Africans and foreigners are pouring their money into trophy homes for a semblance of stability in tough economic times, driving a recent uptick in the sale of properties in the R10m-R100m bracket.

A weak rand is opening doors for foreign buyers at the top end, while semigrants are pushing up prices across the Western Cape.

Comparing high-end residential property sales in Cape Town and Johannesburg shows that the wealthy are "voting with their wallets" in favour of the Mother City.

Building projects are booming in the Western Cape. Plans involving almost R35bn were passed between January and November 2022.

Says Moraitis: “We’ve experienced a busy festive trading season on the Atlantic Seaboard with sales to the value of R200 million concluded during December

This is what you need to know about occupational rent Share Occupational rent: a concept that most buyers and sellers have some idea about – but they are not always certain of the nitty gritty. Who pays the rent to whom? How is this rent calculated? And when does it become payable? These questions can be answered by the sales agreement between the buyer and seller – but the details are often overlooked in the excitement of finalising the transaction. This can lead to friction down the line....