As Rabie commemorates its 45-year journey, I reflect upon our modest beginnings and the many ups and downs we have encountered over the years. From fluctuations in interest rates, political changes, to shifts in the national and Western Cape economic landscape, we have navigated through it all. It is said that a smooth sea never made a skilled sailor, and we have been fortunate to weather numerous storms, emerging stronger each time.
One source of inspiration is the unwavering commitment of our current local government in the Western Cape. From the Premier to the Mayor, their tireless efforts to enhance and innovate have yielded tangible results. As a collective, we maintain a resolute optimism for the future of Cape Town, and the Rabie Group will continue to wholeheartedly contribute to its progress and economic prosperity.
While we recognise the impact of higher interest rates on sales, we are optimistic about the future. With inflation decreasing, we anticipate that interest rate hikes are approaching their peak and will begin to decline by the end of the first quarter of 2024. This positive shift is expected to reignite sales growth.
Our retirement brand, Oasis Life, holds a special place in our hearts, and we are excited by its prospects. As we celebrate the 5th anniversary since its inception in 2018, we take immense pride in the achievements of our teams thus far. Together, we have crafted beautiful estates that foster vibrant and flourishing communities*.
Our passion for development in the Western Cape is unbridled. We will continue to strive to make a difference and contribute to the success of our city.
Chris McMaster – Chief Financial Officer
In the past year, the Western Cape economy has displayed impressive resilience and consistent growth, attracting investments and maintaining a strong business environment. Notably, the property development sector has made significant advancements, especially in Cape Town, establishing it as a highly desirable location for well-designed, reasonably priced properties in prime areas.
By adapting to challenges such as increasing construction costs, regulatory changes, and potential economic fluctuations, and by staying well-informed about market dynamics, we can successfully navigate the evolving landscape.
Overall, the Western Cape economy has demonstrated resilience and growth in 2023, and the prospects for property development in 2024 appear promising. We hold an optimistic view regarding the sustained demand for properties, and by closely monitoring market trends and adjusting our strategies accordingly, we can position ourselves favourably to seize the opportunities that lie ahead.