Buying a home in the time of de-densification
PUBLISHED 3 JUN 2020
Densely populated urban centres - with glistening high-rise buildings, traffic jams, and their unmistakable big city energy - are on the way out.
As people around the world embrace work-life balance, remote working, and wellness (especially in the wake of a global pandemic) the new trend toward open suburban living is set to accelerate.
But what does this all mean for the residential property sector?
Welcome to Suburbia 2.0
Millennials have found themselves taking the blame for many modern trends - and the movement away from big cities would appear to be one of their latest lifestyle decisions.
As the generation born from 1980 to 2000 come of age and start to have families of their own, they are set to change the face of suburbs around the world. Cape Town is no exception.
- The trend for dense, inner city living is likely to give way to a new high-tech suburban lifestyle.
- Green spaces, on-demand services like Uber Eats, and quick access to schools and recreational facilities will be high on property buyers’ lists.
- An emphasis on sustainability, health and safety, and quality of life is likely to replace the desire to live in the best-known building or have the “best address in town”.
- The recent coronavirus pandemic has caused many young homebuyers to rethink their priorities - and many of them will opt to live and work remotely and focus on the health and happiness of their loved ones.
Town planning will need to keep up with the market
One of the biggest challenges for our suburbs going forward will be adapting to a mix of residential and commercial buildings in one area.
As a new generation of residents expect to be able to live, work and play in one green-friendly, secure environment, urban planning codes will need to change fast. For potential property buyers looking to purchase a Cape Town home, the future certainly looks bright.
With the right urban planning and consideration to the ever-changing nature of the workapce, the Mother City may emerge as one of the most desirable places in the Southern Hemisphere to raise a family - and that’s excellent news for the property market.
In the wake of a heavy lockdown and the long-term effects of the economic impact on our country, the challenge will be for urban planners to reconsider their future development plans to embrace an accelerated pace of urbanisation.
The Cape Realty team is fully operational under Level 3, and although it’s unlikely to be “business as usual” for some time to come, we are available to guide you the process of negotiating a new lease, buying or selling your property. Get in touch today.
Image credit: https://www.pxfuel.com/en/free-photo-xpcnx