Rustenburg's platinum high growth

Posted On Thursday, 26 April 2012 02:00 Published by eProp Commercial Property News
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Coined the world's 'platinum capital' and with almost 130 applications for new township development pending, Rustenburg is fast expanding with economic growth of more than 13% per year

Reinette Lummis"Rustenburg is currently second on the list, after Midrand, as the fastest-growing area in Africa," says Reinette Lummis, principal of top local agency RealNet Lummis Properties. "Extensive mining of the platinum group metals and chromium, coupled with tourism, is keeping the area in the big league."
Thousands of primary and secondary job opportunities have been created by strong demand for the metals, which, in turn, has boosted demand for residential property and commercial services in the Northwest town, she says.
According to the local town planning department, swift development has been made possible by completion of a new water reservoir, the enlargement of the main sewerage works and the completion of the master plan for the new road network in the area.
"Infrastructure and service developments have now gone beyond the mountain range in the south-east ,and the delta between the N4 and Kroondal is fast developing into light industrial parks, similar to the highly successful Mabepark area, as well as office and popular secure housing complexes."
Property development is keeping pace thanks to extensive infrastructure upgrades and although the worldwide recession did not leave Rustenburg and surrounding areas unscathed, in contrast to many other areas property prices here have remained stable, maintain Lummis. "Demand for property did not waver and in the three years up to the end of last year, approximately 430 sectional title and an estimated 520 full title property transactions were registered here."
Economically active first-time buyers target properties of between 60 to 120sqm in the R650 000 to R1m price range while property registrations show that upper-market buyers target properties of between 250 and 450sqm in the R2,5m to R3,5m bracket. At the top end of the market exclusive estate homes are available from R7m and up.

Last modified on Saturday, 17 May 2014 12:18

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