New data shows big economy shift to Cape Town - spelling trouble for Gauteng
Residential building data from StatsSA for July pointed to moderate year-on-year growth in new planning activity. For the three months to July 2022, the national growth rate in residential unit building plans passed was 13.76% year-on-year.
The Western Cape appears largely responsible for the positive national growth rate in residential plans passed, said Loos. “This province continues to produce signs of significant outperformance, with its number of units’ residential plans passed growing by a very strong 50.76% year-on-year for the three months to July.
The relative picture was similar for residential buildings completed, Western Cape having 46.7% of the national share in terms of the number of units, Gauteng – 30.3%, and KZN – 9.8%. “Years of building a popular “brand” as a lifestyle and well-run region appears to be increasingly paying off for the Western Cape economy and property market,” said Loos.
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