In his 2020 Budget Report, Finance Minister Tito Mboweni announced that transfer duties would be removed on properties sold for under R1 million. This is welcome news and yet another incentive for buyers and developers seeking affordable property opportunities in Bellville.
“We welcome this announcement as it paves the way for first-time home owners and recent graduates who want to get a foot on the property ladder, and also for property developers looking for market-savvy investments in Bellville. These opportunities are supported by Bellville’s status as Cape Town’s secondary city, with accessible and well-established commercial, health, retail, educational and services infrastructure,”
says Warren Hewitt, CEO of the Greater Tygerberg Partnership.
As a mature commercial centre, Bellville is host to the Western Cape’s busiest transport interchange, which offers access to work opportunities; an academic and medical centre of excellence and a rich landscape of cultural and social amenities such as schools, public spaces, libraries and shopping malls.
The Voortrekker Road Corridor, in particular, offers a good mix of residential and business zoning. The area is packaged and ready for the development of more inclusive housing.
Bellville’s property market is characterised by a high degree of stable ownership, with many residents living in the area for eleven or more years. And yet it also appeals to a new wave of younger buyers and renters looking for denser, highly accessible, affordable accommodation.
Developers are paying attention to these needs, developing new and refurbishing existing buildings, with a focus on affordable and student accommodation, but also branching into micro-unit development and private market sales and rentals. This trend suggests that the flat rate of property prices is poised to escalate after ten years of holding steady.
The City of Cape Town has also identified a number of sites to develop affordable housing.
With greater residential affordability attracting young graduates and middle-income earners, commercial institutions looking for areas that offer work opportunities close to staff housing can take also advantage of these opportunities. In particular, the business process outsourcing (BPO) sector can benefit from this mix.
Bellville is also an emerging innovation sector which will support start-ups and a culture of entrepreneurship in the area. The Western Cape Government, which has a stated objective to position Cape Town as a leading tech hub, has identified Bellville as an important economic node. The confirmed R7 billion upgrade of Cape Town International Airport, due to be completed in three years’ time, will expand the current opportunities for building the business, tourism, conference and cargo-handling sectors in the area.
The Greater Tygerberg Partnership plays a role in facilitating development opportunities in Bellville.
Hewitt explains: “The GTP continues to invest in research into the area and works closely with multiple stakeholders in unlocking the area for potential investors. We believe that Bellville is the most opportunistic city in the country. It is ripe for investment and development. We’re always open to working with interested parties to maximise the area’s inherent economic, social and environmental potential.”