select
|

Northern Cape economic boom boosts property market

The economic boom unfolding in the Northern Cape has significantly boosted the demand for property, not only in the main centres, but also in the smaller towns.

According to Seeff's principal for the greater Upington area, André Mostert, the agency is struggling to meet the demand for property as buyers and tenants flock to the area.

The property market statistics for urban areas such as Kimberley and Upington bear out the growth since 2009. In Kimberley, about 850 property transactions worth almost R692 million has been recorded for the past year; 43% more than the 593 sales to the value of just under R352 million in 2009. In Upington, transactions are up by about 48% from just 308 transactions to the value of under R124 million to 456 property transactions worth almost R200 million over the last year.

The boom was kick-started by the opening of new iron ore and manganese mines in the last three years that led to an influx of people and business growth to serve the sector and new residents, especially housing, says Myra Schonken of Seeff Kimberley. The Sol Plaatje University, the first in the province opened this year and Phakalane Airways has introduced flights between Kimberley and Upington and to Calvinia, De Aar, Kuruman, Sishen and Lanseria on a non-scheduled basis. Near Carnavon, the first of 64 antennas of MeerKAT, the Square Kilometre Array (SKA) project launched about a month ago.

Just outside Upington, the first 75MW solar farm, part of a multi-million rand energy solar project recently opened and business and property in the town is booming, says Mostert. The first super-regional shopping centre, Kalahari Mall with 70 top retail stores and restaurants is now open as is the new 360-bed Dr Harry Surtie Hospital. Tourism is also growing on the back of attractions such as the SKA project, Namaqualand flowers, Richtersveld and the KgalagadiTransfrontier Park. This, says Mostert, has also seen a return of buyers to villages such as Springbok and Port Nolloth on the coast.

Mostert says that while the shortage of especially affordable housing for sale and rental remains a challenge in Upington, two new residential developments are underway that will at least meet some of the demand. The first, Bella Rosa, with 310 plots is setting a new standard for the town with modern homes and will also be the first suburb with a Home Owners Association (HOA). Plot and plan options are available with a choice of finishes that include energy-efficient fittings and air-conditioning in the living areas. Prices start at R899,000 for two bedrooms and R1,05 million for three-bedrooms.

The second, Augrabies Park is an affordable housing development with 276 plots, sized from 400-900sqm. Plot and plan options are available and prices start at R549,000 for three bedrooms. This fully integrated development includes provision for business, community facilities and public open spaces. It is ideal for first time home buyers, says Mostert as full bonds are available to qualifying buyers.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 22 Nov 2017
      Most people know of the Community Schemes Ombud Service (CSOS) and that levies must to paid to fund its operations. In this article the experts at Paddocks will address some of the issues that are causing confusion.
    • 22 Nov 2017
      While sales have noticeably slowed in most sectors in most Cape town suburbs, the security estate sector in Constantiaberg has bucked the trend by remaining buoyant, with sales by August this year already surpassing total sales in 2016.
    • 22 Nov 2017
      The end of the year is fast approaching, and so are all the travellers, tourists and holidaymakers. For those who live near or own a property in a holiday-hotspot, the festive season also brings with it an abundance of short-term rental opportunities. Its a great way for property owners to make a few extra rand for their own holidays or to put towards their savings.
    • 21 Nov 2017
      The buying process is over, and the moving truck has delivered your household goods to your new property. Now it’s time to unpack and turn your new house into a home.
    • 21 Nov 2017
      When an offer to purchase a property is signed by both buyer and seller, this constitutes a binding agreement or “Deed of Sale” between the two parties. However, in most cases the “standard contract” might not be enough to cover all the specifics pertaining to the sale. The agreement may require some additions or alterations to clauses, which needs an expert hand in the drafting of such
    • 21 Nov 2017
      As more and more South Africans look to invest in property abroad, Spain is offering them one of the best deals in global real estate.
    • 20 Nov 2017
      Since 2012, sectional title complexes have been leading the South African property market, not only in terms of price growth, but sales volumes as well. Remaining relatively strong, even in the face of 2017’s political and economic turmoil, experts say this market segment could offer valuable insight into South Africans’ property purchase priorities.
    • 20 Nov 2017
      Regardless of whether you are purchasing your first start-up home, downsizing or moving in with roommates, finding ways to maximise small spaces can be a big advantage, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
        
    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