Cape Town Property Ownership Out Of Reach For Younger Gen

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cape town property ownership out of reach for younger gen

Cape Town's rising property prices are making it harder for young South Africans to enter the housing market, especially in central areas.

Home values in the city have increased by 160 since 2010, according to Statistics South Africa.

Bloomberg reports that the Western Cape now attracts around 40 of national property sales over R10 million, with strong interest from foreign buyers.

Affordability remains a major challenge

Many young professionals, often referred to as Born Frees, are struggling to buy homes close to where they work. Studio apartments in the City Bowl are now selling for over R1 million.