Basil Moraitis News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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.