As we move into the third quarter of 2024, Cape Town’s property market continues with its trajectory growth and remains a promising and sound investment. With stable economic indicators, a surge of young professionals, and a growing trend toward sustainable and smart living, there are plenty of opportunities for buyers, investors, and renters alike.  But, does this mean that Cape Town is ready after hosting a successful Soccer World Cup in 2010 to proceed with a proposed bid to host the 2040 Summer Olympic and Paralympic games? 

Cape Town 2040 (CT2040), a group looking into whether Cape Town and the Western Cape could host the 2040 Summer Olympic and Paralympic Games, just released a new study. This study took a look at the region's current sports venues and facilities to see how they measure up to the International Olympic Committee's (IOC) standards for hosting the Games.

Main Points from the Study:

• 84–85% of the needed venues are either already available or could be set up temporarily, excluding football venues.
• 26–30 venues are ready to go out of the 37-42 needed, depending on the scenario. About 19–21 only need some temporary work, while 7-9 would require bigger upgrades or permanent fixes.
• 6 venues could be temporary, following sustainable practices.
• 5–6 new venues would need to be built, mostly indoor arenas.
• Most venues are close to Cape Town and in the nearby Winelands areas like Stellenbosch and Paarl, which would make for a compact and efficient Games.

Opportunities and Challenges:

• There’s a strong base of diverse sports facilities, and with targeted investments, these could meet IOC standards.
• Some areas need significant upgrades, like swimming pools, and a plan is needed for long-term investment in public sports facilities.
• There’s also a need to enhance Cape Town’s experience in hosting multi-sport events and to focus on sustainability through public-private partnerships.

Let's keep our eyes on this space!  Whilst this will encourage a surge in tourism and possibly increased investment into the property market as people discover the beauty of Cape Town, we are not sure the money couldn't be better spent to uplift our own country's unemployment and majority of the living conditions. 

Yours in Property 

Jax and Jen