Massive R3.6 billion development boom in Cape Town

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Business is booming in the mother city, with billions of rands already invested in major development projects – and even more in the pipeline.

South Africa News, South Africa Headlines

A recent report shows that Cape Town CBD’s post-Covid economy is on the rebound, with property investment in the inner city in 2022 exceeding R3.555 billion while the retail, hospitality and eventing sectors are all experiencing major growth.

Of the 22 projects, eight were residential buildings – set to add thousands of new units to the Cape Town CBD’s highly competitive property market and indicating a strong demand for residential property – while six were commercial, four were mixed-use, two were retail buildings, and one was a parastatal.

“With the construction sector regaining its pre-Covid momentum, and the total value of property investment in the Cape Town Central City to be conservatively estimated at R3.555 billion, it bodes well for further growth and investment in the economic hub of the Mother City,” said Kane. At least 10 of the 17 sectors that operate in the Cape Town CBD experienced growth in 2022, with the number of business entities overall increasing by 135, from 2,981 in 2021 to 3,116 in 2022.

“This sector has recovered steadily since the onset of the pandemic, and in 2022, the total number of retailers had returned to pre-Covid levels, with six more retail entities operating than in pre-Covid 2019,” said Kane.

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