select
|

Market on the boil in Port Elizabeth

Several large commercial and industrial investments in the pipeline for Nelson Mandela Bay metro are expected to bring about a significant increase in employment when they come on stream – and a concomitant rise in activity in the local real estate market.


This Tuscan-style boutique hotel in Summerstrand is for sale through Chas Everitt International for R6,999m. Well-run and fully-furnished, it offers 10 deluxe suites, a sunny lounge, dining room, terrace, pool and conference facilities.
 
“However, we have already experienced a 138% growth in sales over the past 12 months, and a 10% increase in the average deal size,” says Charlotte Vermaak, principal of the Chas Everitt International franchise in Nelson Mandela Bay, who says a key trend at the moment is that of existing homeowners wanting to upgrade to bigger properties or move closer to the top-rated schools.
 
“And this is being underpinned by a massive influx of first-time buyers and the movement of many ‘black diamonds’ from township homes to properties in the traditional suburbs, so we have confidence in the  upturn in the market and anticipate a clear road ahead for sales in 2015.”
 
The Nelson Mandela Bay market has always been reliant on salaried individuals, she says, and with the Coega Industrial Development Zone(IDZ) continuing to attract new manufacturing companies, an increased demand for homes is to be expected.
 
“In addition, the city of Port Elizabeth is earmarked for massive developments such as the Baywest precinct on its western edge, which will be rolled out over the next 10 to 15 years.
 
“The Baywest Mall, due to open in April, is just the first phase of the Baywest City development, which will eventually encompass 4000 new homes, secure office parks, hospitals, a light industrial node, parklands and conservation areas, and is set to rival Sandton and Century City when completed.”
 
Another ground-breaking development, Vermaak says, is the new suburb of Westbrook, a 160 000sqm mixed-use node with medical facilities, retail facilities, a business park, a private school and a public square as well as a residential area.
 
“Then there are several affordable housing developments under way, including the Walmer Links and Sakhasonke Village projects which together offer about 1200 units for people earning salaries of R1500 to R15 000 a month, and the R6bn Coega Ridge development which is expected to reduce the city’s 80 000-unit housing backlog by more than half.”
 
Smaller housing developments, she says, include one in Salisbury Park that will provide 70 freehold two- and three-bedroom homes priced at between R679 000 and R889 000, as well as two projects in South End.
 
“The first of these is the Shumbalala Estate, where  two-bed and three-bed homes are being sold now at prices between R770 000 and R1,327m, and the second is Stanbury Park, a new retirement village with frail care facilities where units are selling at prices from R799 000 and R1,47m.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 19 Jan 2018
      Extending from Randfontein in the west to Roodepoort in the east and including the towns of Krugersdorp and Magaliesburg, the West Rand has a plethora of property available to residents who choose to make this unique area their home.
    • 19 Jan 2018
      When it comes to financial planning, doing the work to ensure you’re prepared for unexpected emergencies is just as important as ticking off your other goals and New Year’s resolutions. The beginning of the year is also the perfect time to review your various insurance policies.
    • 19 Jan 2018
      No surprises at the first Monetary Policy Committee of 2018, as Reserve Bank Governor, Lesetja Kganyago, announced that the interest rates would stay at their current levels.
    • 18 Jan 2018
      The Southern Suburbs make up some of the most popular residential areas in Cape Town, comprising charming groups of suburbs which lie to the south-east of the slopes of Table Mountain. It is seen as the city's most expensive residential neighbourhoods with a choice of various private schools, upmarket eateries, wine estates, beautiful homes and trendy apartments.
    • 18 Jan 2018
      New year, new goals! If you’ve resolved to purchase your first property in 2018, then this 6-step guide from the Rawson Property Group is a must-read. It will help you navigate and simplify what is often be seen as a confusing process of buying your first home – right from the house-hunt to the house-warming.
    • 17 Jan 2018
      While the current property market may still favour buyers, it doesn’t mean that they shouldn’t be well prepared before putting in an offer to purchase.
    • 17 Jan 2018
      Lightstone lists Blair Atholl as the most expensive suburb with an average house price of R11.2 million, followed by Westcliff (R10.5 million), Dunkeld (R9.3 million), Sandhurst (R9.1 million) and Inanda (R7.2 million).
    • 17 Jan 2018
      As it currently stands, there are four main ways in which a home can be bought in South Africa, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, who adds that deciding in which legal entity to purchase the property is not a decision that should be entered into lightly, as each has its pros and cons.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK