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IOL News
5 days ago
- IOL News
'It's horrendous!': Inside Cape Town's rental nightmare
Finding affordable accommodation, irrespective of your income, is becoming a challenge, both for Capetonians and newcomers to the city. Image: File The popularity of Cape Town as an ideal place to go on holiday or to live and work is well known, but this elevated status is now becoming a double-edged sword. Ask anyone who has semigrated from other parts of the country to settle in Cape Town, and they'll tell you how shocked they were when looking for a place to rent, in or close to the City Bowl and the Atlantic Seaboard. The Atlantic Seaboard is unaffordable to the average South African who wants to move to Cape Town. Image: Armand Hough/African News Agency (ANA) Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Let's face it, Cape Town does have it all: sun-kissed beaches, breathtaking views in all directions, a melting pot of cultures and historic buildings, not to mention its centrepiece - Table Mountain. But finding affordable accommodation, irrespective of your income, is becoming a challenge, both for Capetonians and newcomers to the city. "It's horrendous," said June Viviers*, 50, referring to her recent hard slog finding accommodation in the City Bowl after her move from Durban. "I knew accommodation was going to be a challenge, so I moved into an Airbnb for two months to give me time to look. Wow! I must have spoken to about 50 agents, but even though I booked 12 viewings, I never actually got the chance because agents would tell me the place has been taken, and that is because people make a decision based on pictures they see of the place without even viewing it. That's how desperate we all are. "I was so worried that I may have to move back to Durban, but eventually I found the place I stay at through a contact of mine," she said. Comparison She lives in a two-bedroomed flat in the City Bowl and pays R23 500 a month, a far cry from the R9 000 being charged for something similar on Durban's Berea. "Apart from the shortage and high price of accommodation in Cape Town, you have to earn three times more than your rent, plus you have to pay a double deposit, and they do credit checks, so that adds to the problem," she said. "Overpriced" is not a term those in the property market like to use when discussing the exorbitant rentals that are being asked for apartments within the City Bowl and along the Atlantic Seaboard. Agents say it is merely market forces at play, and that Cape Town, like any other picturesque city in the world that has everything that opens and shuts, commands the prices it serves up. Independent Media Property spoke to Mfundo Mabaso from FNB Home and Structured Lending to get an understanding of the challenge and how it can be tackled. He said the biggest drivers of escalating rentals in Cape Town are the influx of high-net-worth individuals from other parts of the country and abroad, as well as the high demand for Airbnb. Euros vs Rands "For digital nomads, the strength of the pound or the euro which they earn makes Cape Town affordable, even though rent is disproportionately high,' he said. "Covid created digital nomads, young South Africans earning in dollars or pounds who have the buying power of a foreigner, where they are happy to pay R18 000 for a studio in Cape Town, while in Sandton they'd pay R10 000. "If you look at it, everyone coming to Cape Town wants to be in close proximity to the CBD, which is very attractive, which then spikes the demand from high-earning individuals, making it easier for owners to raise their rents.' He gives the example of a client, a couple with three children from Pietermaritzburg who have taken up work in Cape Town and now need to make some hard choices. "They sold their home for R2 million, and now they can only afford to buy an apartment if they want to be close to the CBD for work, unless they're prepared to drive 50km out of the city to stay in a place that gives them a sense that they're in a comparatively good area. "But this then means extra time and money to commute each day, as well as additional costs like having someone to help fetch the kids from school. What you'll give up "These unforeseen costs mean that how their life was configured before is now fundamentally different. If they settle for an apartment nearby, they'll have to give away a bedroom and square metres, and there will be no garden," he said. Mabaso said government-subsidised housing and collective buying are seen by many as solutions for the lower and middle ends of the housing market. John Loos, senior economist at FNB, said land scarcity in Cape Town is not a problem experienced by its nearest property rival, Gauteng. "Land is scarce in Cape Town, with a mountain in the middle and the sea on a few sides and high-value farmland surrounding it, which is not being released or turned into residential property at a quicker rate. "Both Gauteng and Cape Town have rapid population rates, but the difference with Cape Town is a bigger influx of high-income people, affluent retirees and the high rate of Airbnb, and this keeps the supply of normal rental properties limited. "This is what happens when a place becomes the flavour of the month. It is very simple, really, and is reflective of a prime city that is more popular than other places in the country," he said. Loos said the city can mitigate this by rapid and orderly densification and the creation of high-density nodes outside the city precinct. Bellville could be turned into a second CBD with a public transport corridor and housing developments. Image: Supplied He said there has been talk about turning Bellville into a second CBD, with high-density housing along major transport corridors such as Voortrekker Road, which, if implemented, would create demand for a state-of-the-art mass public transport system. Rob Steffanutta, head of development at the ClaremartGroup says as these prime areas reach saturation, Cape Town's southern suburbs could become 'the next major frontier for rental market value', adding that these suburbs still offer 'significant parcels of available development land, where the savvy investor could get in under R50K per m2 for construction'. * Not her real name
Eyewitness News
14-07-2025
- Business
- Eyewitness News
City Power warns it will go after more defaulting Joburg businesses
JOHANNESBURG - City Power has warned that it will be going after more businesses in Johannesburg that it said are illegally connected to the city's power grid. After conducting investigations, City Power said it found several repeat offenders, including businesses disconnected in November. ALSO READ: City Power continues with revenue collection drive The power utility is grappling with runaway debt from businesses that are owing and those who are benefitting from the power without paying. City Power said the Hursthill substation alone is owed R1.6 billion by defaulting businesses. The power station supplies electricity to Auckland Park, Melville, Westdene, Coronationville, and surrounding areas. In the Industria and Crown area, it was found that there are repeat offenders owing R23 million. The utility said it will be conducting stricter and more regular disconnection operations with the help of law enforcement to add to the weekly disconnection operations already underway to try to recover the lost funds.
TimesLIVE
30-06-2025
- Automotive
- TimesLIVE
VinFast opens second domestic EV factory amid global expansion
Vietnamese electric vehicle manufacturer VinFast began production on Sunday at its second domestic factory, aiming to ramp up output of affordable mini urban models as its global expansion plans face delays. The new facility, located in the central province of Ha Tinh, has an initial annual capacity of 200,000 units and spans 36 hectares, the company said. By comparison, VinFast's flagship factory in northern Haiphong is designed to reach a capacity of 950,000 units by next year. VinFast, backed by Vietnam's largest conglomerate Vingroup, has set ambitious goals to establish production plants in international markets, including the US, India, and Indonesia. However, it has faced hurdles in its global expansion, including weaker demand and stiff competition. The company announced last year that operations at its US factory would be delayed until 2028. Its India assembly plant is expected to become operational next month. "Once operational, the VinFast Ha Tinh factory will contribute to VinFast's goal of producing one million vehicles per year to meet the increasing demand of domestic and foreign markets," said Nguyen Viet Quang, Vingroup's CEO. The EV maker has set a delivery target of 200,000 cars for 2025, having sold about 56,000 units in the first five months, primarily in its domestic market. It reported a net loss of $712.4m (R12,642,570,552) for the first quarter, less than the $1.3bn (R23,069,131,410) loss in the previous quarter but 20% more than a year before. Revenue jumped 150% to $656.5m (R11,649,911,362) over the same period.
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The Citizen
26-06-2025
- Business
- The Citizen
‘That's insane!': Here's how much a ticket would cost if UFC was hosted in SA [VIDEO]
Sports Minister Gayton McKenzie said a ticket would cost R23 000 if a UFC event was hosted in the country. South Africa's Dricus du Plessis celebrates his victory over Sean Strickland of the US after their middleweight division fight at UFC312 in Sydney. Picture: Saeed Khan / AFP At a recent launch of Boktown in Sandton, Sports Minister Gayton McKenzie spoke about how much it would cost to attend an Ultimate Fighting Championship (UFC) event in South Africa. 'UFC is willing to come but we would have to sell a ticket at R23 000 for us to break even. That's insane. So, what we are doing is, we are engaging with more sponsors. 'We are now looking at other ways.' NOW READ: PICTURES: Highlights from the Basketball Africa League finals in Pretoria
IOL News
26-06-2025
- Politics
- IOL News
New speaker expected as Johannesburg council ousts ActionSA's Nobuhle Mthembu
The City of Johannesburg council in Braamfontein is expected to vote for a new speaker after ActionSA's Nobuhle Mthembu was axed. Image: Nhlanhla Phillips / Independent Newspapers The City of Johannesburg council is expected to vote for a new speaker after ActionSA's Nobuhle Mthembu was ousted. A total of 212 councillors voted against Mthembu, who could only muster 48 votes in her favour. Mthembu stated that the party is bigger than the individual and that the issue was not solely about her, especially after ActionSA chose to abstain from the motion of no confidence against Mayor Dada Morero. 'We have to show the residents that we are not here for positions only. We are here to serve, and if it means, based on principles, that we lose a position, so be it,' she said. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ ActionSA's Nobuhle Mthembu was axed as the speaker of Johannesburg on Wednesday. Image: Sipho Jack / Independent Newspapers Mthembu also accused the DA, which brought the motion against her along with the Al Jama-ah party, of trying to return to power through the back door and not caring for residents. DA Johannesburg caucus leader Belinda Kayser-Echeozonjoku said the council approved loans without giving councillors all the necessary information. She was referring to the R2.5 billion African Development Bank loan approved by the council last week. According to Kayser-Echeozonjoku, Mthembu called meetings at the last minute, leaving councillors unable to determine how the city's residents would be affected by decisions taken. She stated that fruitless and wasteful expenditure has ballooned to R23 billion, which was only revealed through a leaked document from a member of the presidential working group prior to the presentation of the Auditor-General SA's report. Kayser-Echeozonjoku added that Morero bypassed the council and undermined the mandate of councillors. 'We are still waiting for the notice from the acting city manager,' she said when asked about the date for voting for the new speaker. In terms of the legislation, the municipality has between one and 14 days to hold the elections in council. She said the municipality has totally collapsed under Morero. After Morero survived the DA's motion of no confidence, his administration said the victory was a clear indication that the majority of parties, as representatives of the residents, were voting for stability, continuity, and service delivery in the city. 'We agree that Johannesburg has serious challenges. However, we are now focused on turning around the situation. We have put in place solutions and interventions that are moving us in the right direction. We are building the Johannesburg we want to see,' he stated.
