House owners see property values rise dramatically
By Marthe van der Wolf
9 November 2007
The Cape Town City Housing Company (CTCHC) says first-time home-owners are en route to becoming millionaires thanks to a housing scheme.
The CTCHC is a low cost housing initiative in the City of Cape Town and the province accommodating 8487 people in Hedeiveld, Gugulethu, Philippi, Mitchell’s Plain and other locations.
"The value of their properties has risen dramatically, reaching 45%, since they bought them three years ago. We are glad to see a generation being empowered by home ownership when their ancestors were excluded for more than 300 years from permanent city dwelling," says CTCHC chief executive Fungai Mudimu.
The CTCHC says the project is effectively supplying economic choice which complements the politcal rights won in 1994.