The Western Cape province is located at the south-western tip of South Africa and the African continent at large. The province is divided into six district municipalities: City of Cape Town, West Coast, Cape Winelands, Overberg, Eden, and Central Karoo. Cape Town, the provincial capital, is the oldest major city in the country. It is also the hub of South Africa’s creative and film industry, with a growing services and tech scene as well. The Western Cape is geographically, the fourth largest province in South Africa and the primary languages spoken are Afrikaans (55.3%), Xhosa (23.7%), and English (19.3%).
After Gauteng, the Western Cape is the second-biggest contributor to South Africa’s GDP. The province’s economy grew by 2.3% in 2014 – making it an ideal province to house a business. Speaking of housing a business, when it comes to commercial, industrial and retail property – the province has a great deal on offer. Cape Town CBD is the primary hub of business in the Western Cape, with the up-and-coming area of Century City also luring the regional offices of large corporates too. The province’s industrial sector is traditionally centred around textiles and maritime, but has begun diversifying.
The city is the primary port of call for international visitors to South Africa, with the V&A Waterfront being the most visited destination in the country with approximately 24 million visitors per year. Other iconic landmarks and attractions such as Table Mountain, Robben Island and Cape Point are also major tourist drawcards.
When it comes to property investment, Cape Town has proved itself among the world’s best and continues to grow, with no signs of slowing down. In fact, the value of property in the Cape Town CBD will increase to over R30bn within the next five years, according to the Cape Town Central City Improvement District. If you’re looking for investment property in the CBD or office space, strike the iron while it’s hot.
When it comes to transport, the province is serviced by a good transport system by sea, road, air and railway. There are three major ports located within the Western Cape, namely Saldanha Bay, Cape Town and the Mossel Bay port. Three national highways crisscross the province, providing a stream of connectivity to the other major economic hubs in South Africa and other African economies. These highways are the N1, N2, and N7. There are two major airports and numerous private and state owned airfields throughout the Western Cape. The two large airports are the Cape Town International airport, which provides flights from global regions and local areas into the province, and the George Airport which addresses local travel and is used as a national cargo distribution hub. Both airports have recently completed significant upgrades to capacity and infrastructure. By railway, the Western Cape is serviced by Metrorail Western Cape.
There is no denying that the Western Cape offers great business opportunities. Whether you’re looking to relocate your business to the province, expand, or find a new location within the province, Knight Frank South Africa is perfectly positioned to assist you with your business property needs.