WEALTH
There also appears to be no sales above R50 million in Clifton or at the Waterfront last year which is concerning given that it was a record year for this sector and these are absolutely prime locations .
Even just looking at the R10 millionplus level tells the story of 241 % more sales in Cape Town compared to the Johannesburg and Sandton areas with 546 sales compared to just 160 . This clearly shows how much more the wealthy will invest in Cape Town and the reason is well understood ; better service delivery and confidence in the local governance .
A strong property market supported by wealthy buyers is the cornerstone of a strong economy . Real estate contributes about 6 % of the total GDP and supports just over 3 jobs ( direct and indirect ) for every R1 million generated . Seeff says it is an excellent early warning indicator that we now need to see strong leadership driven by a Cabinet fit for purpose and a sense of urgency to set the economy back on a growth-led path .