Earlier this year, Lighthouse Properties reported that 43% of homeowners who sell their properties in Gauteng, buy another property in a different province – and of this percentile, 36% are buying in Cape Town and the Western Cape.
Rossi attributes this recovery largely to semigration, as an increase in buyer activity has been noted by the residential property sector as people move from Gauteng and KwaZulu-Natal to the Western Cape. Spear, which has 32 properties within its regionally specialised R4.6 billion portfolio, showed a close on 94% occupation rate during the time of March 2021 to end February 2022, with a portfolio comprised 100% in the Western Cape.