In a subdued economic environment with muted investments in metros’ inner cities, Cape Town’s central business district is bucking the trend with more than R7 billion worth of property investments in 2023. This is according to the latest findings by the Cape Town Central City Improvement District (CCID) – a not-for-profit private-public company that operates in the traditional central business district (CBD) of the Mother City. The findings in the CCID’s State of Cape Town Central City report 2023 show that property investments doubled from 2022 – a sign that the city has rebounded from the economic pressures since the pandemic.
Turning the post-Covid corner A total of 30 property developments or redevelopments were recorded in 2023, of which nine were completed (worth more than R1.3 billion), eight were under construction (valued at over R2.2 billion), 10 were in the planning phase (worth more than R2.
6 billion), and three were proposed (around R1.1 billion). ALSO READ: Cape Town breaks its record for most rainfall ever recorded in a month The R7.
3 billion in investments includes the Rubik, a mixed-use skyscraper valued at R600 million and designed to resemble the Rubik’s Cube, the Neighbourgood 84 Harrington (R180 million) and the world’s tallest aparthotel to be constructed from hempcrete blocks, and The Barracks, a R150 million heritage development in Bree Street. In 2023, 12 property developments (40%) were residential buildings, and the rest were mixed-use.