Cape Town Perceived Highly While Gauteng Weakens On Property Sales Survey

When it comes to perception, Cape Town remains high on market sales activity perceptions while Gautengs metros are at the weak end of the spectrum.

The second quarter 2024 FNB Commercial Property Broker Survey, which is based on the perception of brokers shows the commercial property market is weaker than the first quarter, but what is worrying is its lack of strong direction. This can be attributed to multiple factors.

While many of the major metros show a decline, the City of Cape Town is perceived to have the strongest activity.

Property sector strategist at FNB Commercial Property Finance, John Loos says the findings of the survey show that the three metros in Gauteng have declined in business activity. At the weak end of the six major metros in South Africa was Ekurhuleni (Greater Johannesburg), with the lowest retail activity rating of 3,52, the lowest office rating of 3,15, and the second lowest industrial rating of 5,52.

Ekurhuleni is followed by Tshwane with Industrial Rating of 4,04, and office rating of 3,19 retail rating of 3,70 were second lowest only to City of Joburg , thus reflective of a Gauteng region that is perceived as weaker than the major coastal metros, says Loos.