WATCH | Coastal property prices on the rise

JOHANNESBURG – There has been an increase in semigration from Gauteng to coastal areas around the country.

The trend has led to a shortage of residential units in parts of the Western Cape and raised property prices.

Better still, the residential property sector along the coast is expecting the eventual drop in interest rates to boost activity in the market further.

John Loos, Senior Economist for Commercial Property Finance at FNB, explains that as the Western Cape becomes more crowded and more expensive – people will move to other coastal areas.