AirBnB's growth boosts Cape Town CBD property market

AirBnB's phenomenal growth is proving to be a significant factor in the demand for flats in areas like Cape Town's CBD and City Bowl, representatives from property companies, such as Seef, have confirmed. With over 13,000 rooms in Cape Town alone, which accounts for more than half of all rooms in South Africa, AirBnB is making a substantial impact on the local property market. Nicola De Alia, the managing director for Africa and the Middle East at AirBnB, spoke with CNBC Africa to provide insights into the company's growth and its influence on the South African market. De Alia highlighted that South Africa is one of the largest and fastest-growing markets for AirBnB in Africa. Over the past 12 months, there has been a 230% increase in inbound arrivals to South Africa, along with a 295% increase in South Africans using the platform for travel. The number of homes listed on AirBnB in South Africa has risen by 157% in the same period, bringing the total to 25,000 homes. Cape Town remains a key market for AirBnB with 13,000 listings, showing growth rates of 187% for inbound travelers and 153% for outbound travelers. In addition to Cape Town, other markets like Johannesburg and Durban are also experiencing significant growth, with thousands of homes now available for rental on the platform. The changing landscape of travel, with more people seeking unique experiences and accommodations, is a key driver for the demand for AirBnB listings. The platform allows travelers to stay in homes rather than traditional hotels, revolutionizing the travel experience. AirBnB's impact is not only felt by travelers but also by hosts who can earn an average income of 28,000 rand annually by sharing their space on the platform. The positive economic impact of AirBnB's growing community is evident in South Africa, and the company is poised to continue its growth trajectory in the region.