“The local election results are both welcome and reassuring for property owners and would-be investors,” says Mike Greeff, CEO of Greeff Properties, the Western Cape’s exclusive Affiliate of Christie’s International Real Estate.
“Under the current Western Cape provincial government, on average over the past five years, property values have held their own, and comparatively, interest in Cape based property has continued to follow a steeper trajectory than in many other regions of South Africa, and currently, demand for real estate in the area is high and growing,” adds Greeff. He says that the DA’s victory in the local government race sends a message of stability to anyone with real estate interests, current or future, in the Western Cape. “We envisage an upturn in the present market following these elections as there have been a significant number of both sellers and buyers biding their time in anticipation of the election outcome. Interest is likely to come not only from locals looking to cement their property claims on the Peninsula, but from out-of-towners and foreign nationals alike, ”says Greeff.
He says that on a national level, the election results are positive in that they indicate a strong level of stability for South Africa. “The electorate’s confidence in the ANC is a vote for our constitution and for the principles of democracy, and as such sends a positive message to the rest of the world, and the strengthening of the Rand immediately following the elections is encouraging. However, there is still a lot of work to be done to keep South Africa’s international image buoyant, in order to increase foreign investment confidence in South Africa, and obviously this is only achievable if the ANC does indeed deliver on promises made to an electorate which has set so much store by them,” says Greeff.