Cape Town's property price growth predicted to drop from 3rd to 14th globally

Knight Frank and Wealth-X conducts research that concentrates on high net worth individuals and is about to release its report about the world's wealthiest people and luxury items.

It is called the Knight Frank's Global Wealth Report and among other things, lists property price growth around the world.

According to CEO of Knight Frank South Africa, Tony Galetti, the 2017 report will be released in South Africa in August.

Last year's report placed Cape Town as third globally in terms of annual price of property growth. However, in 2017 it seems Cape Town may have dropped from third to fourteenth spot globally, with Shanghai still maintaining its number one spot.

Read: Cape Town houses ranked the third most expensive in the world

CapeTalk's Kieno Kammies and Tony Galetti went on to discuss some challenges faced by property buyers in Cape Town as prices continue to climb.

According to Galetti, it is becoming difficult to find good property for under a million rand in Cape Town.

It is important for people to realise that it doesn't matter what you buy as long as you buy.

Tony Galetti, CEO of Knight Frank South Africa

How you get value in property generally is that the bank assists you with financing and you get the growth from the unit you bought even though you haven't completed paying for it.

Tony Galetti, CEO of Knight Frank South Africa

To hear more on property sales in Cape Town, listen below:


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