The central city population in Cape Town has increased from 750 to almost 7 000 in just over 10 years and demand continues to outstrip supply.
According to the State of Cape Town Central City (CCID) Report, altogether 185 central city units were sold last year at a total price of R376m. The average price per unit increased to R2.031m – substantially higher than the R1.55m average achieved during 2014.
Now in its fourth edition, the report reflects on the economic activities that took place in Central Cape Town in 2015, as well as commercial and residential property trends.
(The CCID is a non-profit, public-private partnership that was formed by local property owners who wanted Cape Town to once again take its rightful place as a safe and “open for business” environment.)
Transport and commuting
Transport for Cape Town (TCT) – the city’s transport authority – continues to rollout the MyCiti Bus Rapid Transport System to encourage commuters and residents to make use of public transport, or walk to their destinations.
The central city is renowned for its limited and expensive parking space with only 2 000 kerbside parking bays available at an average rate of R3.25 per 15 minutes.
The MyCiti bus service has to date rolled out 31 bus routes, transporting close to 48 000 passengers daily.
To make roads safer for pedestrians, the TCT is also building bump-outs at busy intersections which entails the widening and extension of existing sidewalks to enable motorists and pedestrians to better see oncoming traffic.
TCT has also extended the signal control for pedestrians at 110 busy intersections to allow them to safely cross the road. The signalling system ensures that all vehicles are stationary when pedestrians cross the road so that motorists and pedestrians don’t have to compete for the same space at the same time.
Cape Town’s CBD will see the rise of new buildings and the upgrade of existing ones to the value of R8.21bn in the next five years.
- offices and retail space at Speakers Corner on the corner of Church Square and Parliament Street;
- an expansion of the Cape Town International Convention Centre;
- phase two of the Cape Town Station redevelopment;
- new residential units at The Sentinel in Leeuwen Street;
- the new Netcare Christiaan Barnard Hospital, scheduled for completion at December 2016; and
- the new Desmond Tutu Peace Centre at the Old Granary on Buitenkant Street.