The current favourable exchange rate for foreigners explains why holiday lets and longer term rentals for executives and their families have led to significant growth in turnover for Pam Golding Properties’ Western Cape rental division.
The company reports a 19% increase in turnover for its 2015/16 financial year.
According to Dexter Leite, rentals manager for the Cape Metro region, a sizeable portion of this growth can be attributed to an increase in demand for holiday rentals on the Atlantic Seaboard.
The growth is not limited to holiday lets, with international executives considering factors such as proximity to excellent schools and tertiary education when deciding to enter into longer term rental agreements when relocating to the Western Cape. This trend is confirmed by Christa von Moltke, rentals manager for the Blaauwberg area, who confirms that there has been a notable increase in demand for short-term holiday lets as well as longer-term rentals for professionals. “Foreigners make up the majority of holiday rentals, with popular lock-up-and-go furnished apartments available for R20,000 to R25,000 per month,” said von Moltke. “Longer-term rentals range from a single professional contractor renting an apartment for R20,000+ per month, to a family renting for R30,000 per month.”
Photo: This Fresnaye home is available through Pam Golding Properties’ rental division for R220,000 per month on a long-term lease.