Cape Town semigration slows down as relocation numbers decrease

Amy MacIver speaks to Rhys Dyer, CEO of ooba Home Loans.

Semigration into Cape Town seems to be slowing down. 

Data from home loan applications show that people are still semigrating to Cape Town but not as much as they were in 2020.

"The total number of people semigrating to anywhere in the country was round about 15% of applications which was slightly down from 2020 and seems to be flattening."

- Rhys Dyer, CEO - ooba Home Loans

Dyer adds that there's been 'a slight drop' in semigration from other countries overseas but a very significant increase from people relocating locally from Gauteng to the Western Cape. 

"In 2020, about 34% of people were moving to Johannesburg for job opportunities which has now dropped to 25%. During the same time, 14% of people were moving to the Western Cape which has increased to 30% in 2024."

- Rhys Dyer, CEO - ooba Home Loans

Dyer notes that these property trends have also reared its head:

• Property prices in Cape Town have grown consistently higher than other provinces 
• Investment property purchases have increased, especially in areas along the coast in the Western Cape
• Vacancy rates are full - only 1.5% of available properties are vacant in Cape Town.

"There's a massive demand for property here."

- Rhys Dyer, CEO - ooba Home Loans

Scroll up to the audio player to listen to the full conversation.