Fondly known as the 'mother city' and located on the Western Cape of South Africa, the city of Cape Town is the very heart and soul of South Africa. Founded in 1652, it is the only major business district in South Africa and with a population of over 3,500,000, it is also the largest. Cradled in the arms of the imposing Table Mountain and surrounded by two oceans, Cape Town is part of a beautiful and diverse landscape. Both its population and architecture are extremely diverse and encompass influences from the Indonesian, French, Dutch, British, and German settlers as well as the native Afrikaners who inhabit the Western Cape of South Africa. The landscape of Cape Town is staggering. The Table Top mountain, which rises over 3,000 feet above the city bowl, provides a vantage point in which to view both the Atlantic and Indian Oceans, the world famous beaches, the forests, the vineyards and the historic architecture that inhabits the landscape. The weather in the Western Cape of South Africa is mild year round, but does get a bit cool in the winter season, which runs from May to September. The suburbs of Cape Town located in the Western Cape of South Africa include every kind of municipality you can imagine: from quaint fishing villages, to the most upscale neighborhoods in South Africa. In these residential neighborhoods, you will find an incredible amount of local shopping, restaurants, and the largest collection of Cape Dutch style architecture in the world. There are an endless amount of attractions in Cape Town including whale watching, diamond emporiums, and the beaches of the Western Cape 'Riviera,' but perhaps the most important sites to see are the historical ones. The Western Cape of South Africa is home to news-making places like Robben Island, where Nelson Mandela was held prisoner for his protests of apartheid. These landmarks are important reminders of a time when Cape Town was forcefully segregated into restricted districts. In 1948, when apartheid was introduced, the Western Cape of South Africa experienced extreme unrest, with little economic growth. As the popularity of apartheid declined and prisoners were released, Cape Town was finally able to take its place as a world class venue. Tourism, manufacturing, mining, drilling for oil, and the importing and exporting of goods are driving the economic boom in the Western Cape of South Africa. Many major companies now have headquarters in Cape Town, and the real estate market is thriving. The higher educational system for the Western Cape of South Africa is also centered in Cape Town. This includes the University of Cape Town and Stellenbosch University which are located here. These are the leading Universities of South Africa. Cape Town has survived an incredible amount of adversity to become a city that the Western Cape of South Africa can be proud to call its most well-known city. In fact, this extremely diverse city on the Western Cape of South Africa is a model for all world class destinations to take a look at for their own inspiration.
The GDP is up almost 3% from last year at the same time and is 2.8% higher than earlier forecasts had expected.
Fuelling the economy has been an growing housing market, where housing values continue to climb, despite recent rate hikes that the Bank of England had hoped would cool things off a bit.
The interest rates of almost 6% are at a 6 year high, but investors and home buyers seem to be ignoring rising rates. Home buyers in the last year have almost universally reported substantial and record increases on the equity value of their homes, and as long as housing values continue to rise, analysts expect that demand for housing and other loans will remain strong.
Consumer spending is up at 0.6% over the last quarter, and investment has risen by almost 2%. Services are by far the largest sector of the economy, and this sector has also shown strong growth.
Analysts say that the real engine behind the economic growth is a housing market that is giving people the confidence to spend. With housing values having risen at 13% over the last year, there are a lot of home owners with some extra money, and extra confidence right now.
Financial services have shown strong growth, partly in response to an increasing demand for equity and home based loans, as people move to take advantage of the rise in equity values, and the dramatic housing value increases that have allowed them a bigger financial cushion to work with.
Many advisors are forecasting another interest rate rise to combat the strong economy and increasing inflation, and many savvy loan seekers are using the current relatively low rates to lock into a fixed equity or home loan now, before the likely higher rates to come.
The housing market shows no signs of cooling, even with central planning measures, and the economy should continue to grow driven by a housing market engine that is pushing up consumer confidence and spending.
Article Source :
About Author
Both Greg Handchild & Arthor Pens are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Greg Handchild has sinced written about articles on various topics from . If you planning to visit the Western Cape, be sure to browse our select list of and other premium. Greg Handchild's top article generates over 480 views. to your Favourites.
Arthor Pens has sinced written about articles on various topics from Affiliate Programs, Pets and Pets. Loans4 provide for . Please visit Loans4. Arthor Pens's top article generates over 90500 views. to your Favourites.