Cape Town CBD property investment surges to record-breaking R9 billion

CapeTalk's John Maytham chats to Rob Kane, Chairperson of the Central City Improvement District (CCID) board and CEO of Boxwood Property Fund.

Listen below:

Cape Town’s Central Business District (CBD) has recorded an impressive R9 billion in property investment for 2024, up from R7.2 billion in 2023, according to the latest Central City Improvement District's (CCID) State of Cape Town Central City Report 2024 – A Year in Review (SCCR).

"It's about a 25% gain in one year."

- Rob Kane, Chairperson - CCID board 

Kane says the surge is driven by renewed business confidence, a growing residential population, and a wave of new developments.

One of the most significant trends, he adds, is the conversion of underused office buildings into residential spaces, with 30% of current investment focused on housing.

Kane states that there are now over 7,000 residential units in the CBD, with thousands more in the pipeline. 

"People are not only choosing to work in the city, but also to live in the city."

- Rob Kane, Chairperson - CCID board 

Kane also highlights improvements in safety and cleanliness within the CBD, noting a 10% increase in security personnel and a dense network of CCTV cameras, including bodycams on patrol staff. 

He acknowledges ongoing challenges in areas beyond the CCID’s boundaries, but maintains that the city centre is in a healthy and improving state – both economically and socially.

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• City of Cape Town unlocks prime CBD land for 237 social housing units 
• City approves plan to turn downtown Bellville into Cape Town’s 2nd CBD 

Scroll up to listen to the full conversation.