Prime residential prices in Cape Town skyrocketed in 2022, according to The 2023 Wealth Report by Knight Frank.
According to the global real estate specialist’s annual report, Cape Town shot up the Prime International Residential Index (PIRI) – climbing to 31st from 94th the year prior.
The PIRI tracks movements in luxury prices across the globe’s top residential markets.
The report said that Cape Town’s prime residential prices increased by 7.3%.
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"It is not surprising to see a lot of luxury retailers say, ‘Do we really need to be here paying these incredibly high rents?’” said one expert.
High-end fashion stores on New York’s Fifth Avenue used to play the role of a showroom, where shoppers could browse through curated racks of clothes with a glass of champagne. However, with shopping at a near standstill and in-store sales hovering at zero, that prime real estate is becoming a drag on retailers’ balance sheets.
New York, New York (May 18, 2020) — Le Castelet is an estate embodying authentic medieval grandeur with airy seaside serenity, since modernized in an inviting French aesthetic and with 21st-century comforts. Famed as the summer getaway of global icon Brigitte Bardot after her divorce from film director Roger Vadim in 1957, the home served as her retreat from the glare of celebrity. Perched atop a 1.46-acre rise within walking distance to the quaint village of Peymeinade, the sweeping views of the Bay of Cannes with the Esterel Mountains beyond are breathtaking.
