Cape Town's CBD sees over R9 billion in property development
Cape Town Central Improvement District (CCID) staff. Pictured at the back is CCID safety and security manager Jurie Bruwer. In front, from left, are deputy mayor and mayoral committee member for spatial planning and environment Eddie Andrews, CCID chief executive officer Tasso Evangelinos, social development manager Tara Gerardy-Bissolati, communications manager Sharon Sorour-Morris, urban management manager Kelly Benito and business manager Stephen Willenburg.
Image: Fouzia Van Der Fort
Property development value in Cape Town central business district (CBD) has passed the
R9 billion mark in the last year.
This was highlighted during the Cape Town Central City Improvement District's (CCID's) State of Cape Town Central City Report (SCCR) 2024, which was released at the Cape Town International Convention Centre on Wednesday, September 17.
The total value of new property investment in the CBD in 2024/25 is R9. 031 billion. It has increased year-on-year, from 2023, by R1.746 billion.
The value increased from R7. 285 billion recorded in 2023.
The overall official value of all property in the CBD is R42.5 billion, according to the City of Cape Town's 2022 property evaluation.
CCID board chairman Rob Kane said it is notable that many of the property developments are big builds, "indicating that investors have great confidence in the CBD".
"Ultimately, more buildings mean more people, which translates into a busy, bustling, vibrant area and augurs well for the day and nighttime economies," he said.
Mr Kane said that all of the big players in property development were prepared to invest in the CBD.
"We're getting more interest from national and international investors, too," he said, adding that people are now happy to work and live in the city centre..
Research in the 84-page SCCR 2024 is a tool for investors, developers and businesses and property owners.
Cape Town central business district (CBD) boasts more than R9 billion in property development in the last year.
Image: Supplied
CCID chief executive officer Tasso Evangelinos explained that the increase bodes well for all Capetonians as the CBD is the city's economic powerhouse.
"It provides and drives employment for hundreds of thousands of people from all walks of life, from CEOs to office workers, to cleaners, and it creates significant business and investment opportunities, from buying property to starting a small or big business, or a hole-in-the-wall outlet," he said.
According to the CCID business confidence index conducted every quarter, business confidence among business owners remains high, consistently over 90% in 2024 and 88% in the first quarter of this year.
Mr Evangelinos said that property investment has a significant, "positive knock-on effect: when a building is constructed or renovated", it creates employment for construction companies, the manufacturers and suppliers of goods and services, including bricklayers to engineers, tilers, electricians, office designers, and outfitters.
"Every person who supported the business sector and retail businesses in town has contributed to the success of the CBD, from people coming in to enjoy themselves on First Thursdays to those visiting entertainment venues, coffee shops, and restaurants, to those who organised a function in the free jazz concert on Greenmarket Square during the Cape Town Jazz Festival," he said.