This includes developments that opened their doors during 2017 (R3.548bn), as well as those currently under construction (R4.550bn), in the planning stage (R1.630bn) or proposed R14.226bn). This is considerably up from the R16.232bn worth in investment noted in the 2016 report.
Published for the sixth year in a row by the CCID, the report, which reflects on the economic climate in the CBD across the previous year, indicates that, despite enormous economic pressure on the country, Cape Town’s downtown continues to attract investors and maintain confidence in the property marketplace across commercial, retail and residential sectors.
“We always use the term ‘conservatively’ when we record the investment being made into the CBD because we only list costs for developments for which we have been able to confirm values. Not all developers are prepared to reveal the estimated values of the projects with which they are involved. Hence, the actual figure would be higher than what we release in the report, but we base our information on what is available in the public domain,” chairperson of the CCID Rob Kane said.