Revealed: Steinhoff’s foray into the ultra-luxurious Cape Town residential market

In an incredible turn of events, and following the implosion of the Steinhoff share price amid allegations that its previous CEO, Markus Jooste, had been manipulating the company’s financial statements, Moneyweb can reveal that Steinhoff bought a high-end luxury apartment block jointly owned by Markus Jooste and Investec director Bernard Kantor, late last year.


Airbnb community boosts Western Cape economy by an estimated R5 billion

Airbnb has today released new data on the impact of the home sharing community across the Western Cape, highlighting the continued growth of guests in the region and the positive impact Airbnb brings to local families, communities and businesses.

The data, which looks at host earnings and guest spending, shows that last year the Airbnb community generated an estimated R5 billion of economic activity in the region, helping boost the local economy and putting money back in the pockets of regular people. 

Other highlights of the data show that:

Airbnb continues to grow across the Western Cape:

In 2017, almost 15,000 hosts across the region welcomed over 540,000 guest arrivals from around the world – a growth of 86 percent compared to 2016. 

Hosting on Airbnb is boosting the local economy:

The typical listing was shared for less than two days a month with the typical host earning around R34,400 ($2,600) a year.  Hosts earned a total of R1 billion, helping boosting local families income. The typical guest spent around R1,715 per day in local communities and businesses.

Home sharing helps spread the benefits of tourism:

Trending destinations outside of the typical tourist hot spots has seen the biggest guest growth over the last year, with a 213% increase in guests staying in Beaufort West and 208% in Ceres.

Locals are opting for staycations:

Over a third of all visitors to the region were from South Africa – highlighting the increase in locals opting for a staycation to enjoy the cities on their doorstep.  US visitors were second highest with 54,600 guest arrivals  closely followed by Great Britain with 54,400 guest arrivals. 

Today’s release of this data forms part of our Community Compact, a series of commitments with cities around the world, including regularly sharing data on the impacts of home sharing to help build an open and transparent community. 

Velma Corcoran, Country Manager for South Africa, said:

“Everytime a guest visits South Africa using Airbnb, local families and their communities benefit.  Last year saw a record number of guests visiting the Western Cape on Airbnb and we’re delighted to help spread the benefits of tourism beyond the typical tourist hot spots to lesser known towns and neighbourhoods. Whether it’s staying in Saldanha, Swellendam or Stellenbosch, hosts provide unforgettable experiences for guests to live like a local. We look forward to seeing guests discover more unique, diverse and welcoming communities across the region throughout the year.”


Here’s how much sectional titles on Cape Town’s wealthy Atlantic seaboard have dropped in price

Cape Town’s Atlantic Seaboard is now in a buyers’ market phase, according to Seeff’s agents in the area.

The latest Propstats data shows that the sectional title sector of the market is down year-on-year by about 34% in value, and 41% in volume terms up to April.

The latest FNB Property Barometer also points to a weak Cape market and this is reflected in the Propstats figures.

Where the market generated almost R1 billion in sectional title sales by early April last year, it has only managed just over R600 million this year, said Ian Slot, MD for Seeff Atlantic seaboard & City Bowl.

The price gap has almost doubled from 5.4% to 10.2% with recent sales concluded at anything between 10.7% and 28.6% below the asking prices.

Time to sell

It now takes almost twice as long to sell a property with the time on the market stretching from 6 weeks last year to over 11 weeks.

According to Adrian Mauerberger and Cecily Sher, luxury sectional title specialists at Seeff, stock has increased notably, but sellers are still not motivated enough to drop their prices sufficiently to encourage buyers to put pen to paper.

A quick glance at Private Property shows that there are well over 1,200 sectional title property listings on the Atlantic seaboard while only 88 sales were recorded on Propstats for this year to early April.

The demand in the luxury sector is mostly in the R5 million – R10 million range according to Mauerberger and Sher who noted further that it is mostly own-use buyers looking to scale down.

Semigration demand has dropped significantly while this market has never really attracted foreign and investment buyers, Seeff said.

Right now, it is only sellers who are motivated enough to drop their price and ensure that their property offers more than others currently available at a lower price that will sell, added the agents






Massive 120,000 square metre development set to replace Ratanga Junction theme park

  • A 120,000 square metre development, which includes residential, commercial, hospitality, and possibly retirement units, is set to replace Cape Town's Ratanga Junction theme park. 
  • The park is set to finally close its doors on 1 May . 
  • More details of the development will be released once approval is granted by the City of Cape Town. 

The Ratanga Junction theme park in Cape Town will be replaced with a massive 120,000 square metre mixed-use development, Rabie Property Group's Maggie Rowley told Business Insider South Africa.


A sure sign of Cape Town’s Airbnb boom

An apartment development on Cape Town’s Foreshore sold R220 million worth of units one week after launch in late March. That in itself is not news. What was noteworthy was the starting price of apartments: R1.26 million, completely unheard of in the City Bowl.

Subscribe to this RSS feed


About us

Follow us

Follow us @BusinessNewsCT

BusinessNewsCT Steinhoff finally faces angry investors after 95% stock plunge -
BusinessNewsCT 'Land, lies and leases' – Western Cape MPLs debate land expropriation -
BusinessNewsCT The first electrical connector that makes you green -