Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals
Young South Africans known as “born frees” were supposed to be the first generation to access homeownership without restrictions. But new obstacles stand in the way.
Property prices in Cape Town have climbed 160% since 2010.
Photographer: Dwayne Senior/BloombergSouth Africa’s first generation of citizens born after the end of apartheid are able to buy property that was once off limits to their parents. But there's another obstacle to homeownership: price.
Nowhere is this more evident than in Cape Town, home to Africa’s most expensive real estate. The city has seen an influx of newcomers: South Africans are escaping government dysfunction and infrastructure decay elsewhere and are attracted by good jobs; foreigners are lured by the area’s beauty and still-cheap home values relative to other developed regions.