Once promulgated in the Provincial Gazette, new municipal bylaw amendments by the City of Cape Town will allow “short-term letting from a house or flat for a period not exceeding 30 consecutive days for the same guest”.
Johette Smuts from PayProp says that while the amendments might mean an increase in rental in an already expensive city centre, the announcement is great news for landlords, and potentially positive for rental agents too.
Amid the tumultuous environment of the property market over the last several years in South Africa, Cape Town has not only remained stable in house price inflation but shown significant growth thanks to foreign investors and migration from other provinces.
Data a research group, Lightstone, recently analysed data of several million properties in the Western Cape and pinned the annual inflation rate at just under 4.0%, with a monthly rate of 0.27%.
One of the most interesting findings, the group said, is how the value and volume of properties compares between Cape Town and Johannesburg.
During 2008 the rand experienced its most dismal period to date performing exceptionally low against its global counterparts and the property market experienced negative growth on a national scale.
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