Housing in Southern Africa July 2015

Cape Town central city housing

A ccording to Dr Andrew Golding, Chief Executive of the Pam Golding Property group, both these buildings sold out within weeks of the launchwhich demonstrated the enormous pent- up demand for central city living. An endorsement of the continued success and global appeal of Cape Town is the recent announcement that it has retained its position as the Number 1 destination for business events in Africa on the 2014 International Congress and Convention Association Country and City rankings. Now, a new artistic landmark on the corner of Long and Dorp Streets is set to celebrate the Western Cape’s diversity. Rob Kane, Chairperson of the Cape Town Central City Improve- ment District (CCID) says that when you want to attract people back into a CBD, one of the first things that need to be done - after you’ve cleaned up the area and ensured that people are safe - is to provide public spaces in which people want to spend time out- doors. “We’re very proud of the fact that the Central City is doing this successfully, not only through the beautiful public squares that we have with wonderful art installations, but through activities such as First Thursdays and the Saturday City Walk that happens on the third Saturday of everymonth. This increases people’s desir- ability to live and work in town and speaks to the true ‘downtown’ lifestyle that you find inmajor cities in the world that have a strong residential component.” The huge shortage of residential stock is due to the lack of new developments coming to market over the past five to seven years, following the market slowdown in 2008. Golding says that the current demand for central city living is largely driven by young professionals who love city living, with prices edging up in recent years. “And, when it comes to comparing old and new blocks, it is usually the amenities on offer which provide the critical differen- tiator and not the age of the building.” ■ TheongoingredevelopmentandtransformationofCapeTown’s central city was spearheaded by the conversion from office to residentialofcertainiconiclandmarkbuildingsincludingMutual Heights and Cartwrights Corner.