A look at the Cape Town property market.
NEW YORK – The outlook for the global economy in 2012 is clear, but it isn’t pretty: recession in Europe, anemic growth at best in the United States, and a sharp slowdown in China and in most emerging-market economies.http://www.project-syndicate.org/commentary/roubini45/EnglishIts not rocket science, the correction in property will come in the next couple of years. 2017 is the nearest "bottom" but dont worry, next boom after 2030 so you have more than enough time to get in.
Joesoap,Having visited the city over the festive season and done my usual drive about, it is always interesting to take note of the changes that have taken place since I left a few years ago. Leading up to 2008/9 I was always astonished to see the new developments going up and the prices being asked. Areas that come to mind are Claremont (Pick N Pay corner), Gardens (near Gardens centre & the "Orangie"), Greenpoint (behind the BP on somerset road and above the old investment cars on the corner of possibly one of the busiest intersection in CPT). Having visited this site over the years I was always blown away by the graphs posted showing the repayment vs rent option. I have been renting over the last few years and certainly its been the better option for me. I know the "Orangie" has been taking a beating over the past months with sellers struggling to get rid of their units and prices coming down. I would be interested to know if the prices have reached equilibrium with regards bond/rent payments?
Everything is for sale everywhere. Nobody knows what really is going to happen in the world so they want to spend the money they have now and not have it stuck in real estate. Others decide to rent. In Argentina for instance, there are several buenos aires apartments for rent at this time because the situation is to unstable to get rid of a property. The ones who were going to sell a property because they needed the money, have now decided to rent and have started remodeling their houses or apartments. It is good because tenants now receive flats in better conditions!
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