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Cape Town's film industry lights up property market
Cape Town's booming film industry isn't just attracting A-list celebrities; it's also fuelling a surge in property values. Homes featured in movies or located near film sets are experiencing significant appreciation, making them hot commodities in the city's competitive real estate market. A recent report highlighted the Mrs Doubtfire effect, where property values near the iconic San Francisco home skyrocketed by over 250% due to the film's popularity. Cape Town, hosting nearly 10,000 productions annually, is experiencing a similar phenomenon.
Homeowners are reaping the rewards of this trend, earning substantial daily rates (R10,000 to R70,000) for film shoots and enjoying capital growth of 2% to 3.9%.
This potential for high rental income and appreciation is attracting savvy investors seeking a hedge against inflation.
Prime locations like Clifton, Bantry Bay, and Constantia are in high demand, offering stunning scenery and diverse architecture.
Julia Finnis-Bedford, a leading property and film location expert, connects global productions with these exclusive properties through her company, Amazing Spaces.
"I understand what filmmakers look for," says Finnis-Bedford. "I advise homeowners on how to enhance their properties to attract productions and maximise returns."
Constantia star is born
Constantia, with its lush landscapes and varied architectural styles, has become a filmmaker favourite.
Longvale Manor is set to host a star-studded cast in Good Luck, Have Fun, Don't Die, while The Midden has been featured in productions like Black Mirror.
Finnis-Bedford emphasises the importance of community engagement in the film production process, ensuring minimal disruption and supporting local organizations like SARDA.
Cinematic twist
Cape Town's real estate market currently favours sellers, and properties with film location potential are commanding premium prices.
Approximately 30% of new homeowners continue renting their properties for film shoots, enjoying both financial gains and hassle-free management by experienced teams.
As Cape Town's film industry continues to thrive, the demand for film-friendly properties is expected to soar.
This presents a unique opportunity for homeowners and investors to capitalise on this trend and secure an asset in one of the world's most captivating cities.
