“What, in this economy?” Cape

“What, in this economy?” Cape Town property value outperforms that of New York and Paris

Do Capetonians need another reason to feel awesome? They probably need no encouragement, but a report by Knight Frank Global Residential Cities Index has put Cape Town in its top 100 cities for growth in property value.

“What, in this economy?” Cape

Correction: The article originally stated that the report it is based on was compiled by the Dogon Group, while it was, in fact, the Knight Frank Global Residential Cities Index.

The report reflects Cape Town’s irresistible allure to the ambitious and the successful, and how strong the market has been during a turbulent time for the economy.

Read: Local agent lands biggest City Bowl property sale for 2016

Of course, Johannesburg is in there too, placed at #108 and 16 places behind Cape Town. Sorry Joburgers. I really am trying not to inflate their egos, but it’s difficult.

Cape Town’s property market grew by 3.9% last year (which is more than New York managed), whereas Johannesburg recorded a steady 2.2% increase. What is more impressive is that both cities are showing a higher percentage of growth than many of their European counterparts; Moscow, Milan and Paris are three of the other high profile names being outperformed by our lot.

Take that, Europe. Your properties are just like your wine: Inferior.

Read: Cape Town and Jozi high on the list for ultra-rich property buyers

One city that made the bottom ten was Durban – They have to wear the dunce hat for this one – Their property value market suffered a 5.1% decrease last year, but it’s not something that Pam Golding CEO Andrew Golding is too worried about

“I think that Durban, like many of the cities on that list, has many pockets that are great performers, so to throw a blanket over a whole city isn’t really a great indicator. But, in fairness, the Western Cape has been outperforming everywhere else, and in 2016, Durban has lagged behind”

However, Golding went on to admit that this study was done before South Africa’s economic downgrade. He said that they “would have a much better picture” of how junk status has effected the markets by the end of May.

So this could very well be just the honeymoon period for our high-performing cities. Here’s hoping that the market can ride this one out. If it doesn’t, I guess we’ll have to start making our homes into permanent Air B&B’s