Cape Town houses ranked the third most expensive in the world

Cape Town's housing prices have reportedly increased to such an extent that middle-class families are finding it virtually impossible to put a roof over their heads. This according to Knight Frank's Global Wealth Report which, among other things, lists property price growth around the world.

The City of Cape Town is ranked third in the world for the highest housing prices, falling behind only Shanghai and Vancouver.

Ndifuna Ukwazi researcher Julian Sendin, says the issue of increased housing prices is a global phenomenon, but what fuels South Africa's housing crisis is apartheid's painful spatial planning history.

Sendin goes on to say that because that housing legacy hasn't been resolved, the next wave, which has brought evictions and price hikes in the city adds fuel to fire.

This is an incredibly complex issue. The city needs to do a number of things.

Julian Sendin, Researcher, Ndifuna Ukwazi

The state needs to build well located, affordable, subsidised housing explains Sendin. He says because these type of houses tend to be built on the urban periphery and far from jobs, a repetition of the past is then created.

The City of Cape Town should, through its land-use legislation, regulate its private and public development, negotiate using the land-use right to grant up-zoning if affordable housing is provided, he proposes.

The housing backlog is so enormous that there's no way the State, at all levels, can deal with this problem by themselves. They have to leverage the capacity of the private sector to assist them.

Julian Sendin, Researcher, Ndifuna Ukwazi

Take a listen to the full interview in the clip below:


This article first appeared on 702 : Cape Town houses ranked the third most expensive in the world


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