Port Elizabeth a sellers' market.

Posted On Tuesday, 08 April 2003 02:00 Published by eProp Commercial Property News
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Property prices and development have taken off in the Coega area, says Remax Bay Properties broker Jean Botha.

Property-Housing-ResidentialMarket drivers include the discovery of Port Elizabeth as an attractive tourist destination, an automotive parts export boom in the region, and the emergence of a growing middle class of buyers.

As well as the Coega industrial development, which has ignited demand in areas such as Bluewater Bay, which is ideally placed as a dormitory town for the new export complex.
While there is demand across the board in the Port Elizabeth region - for homes ranging from those of blue-collar workers with subsidised loans to those of upmarket executives from satellite industries that are servicing the Coega scheme - beachfront properties in particular are in demand.
Botha says that a sellers? market has emerged in the area.
Developers have identified gaps and a great deal new of development is under way, notably in terms of townhouses and cluster homes, many of which are selling off-plan.
Prices of more than R1m - an unheard of level in the city just a few years ago - are becoming quite common. A Summerstrand home sold recently for R2-million and an upper Walmer home for R1.7-million.
Nonetheless, the city still offers value relative to other major coastal centres, and growing awareness of that fact is adding impetus to demand, says Botha.

Last modified on Thursday, 26 June 2014 15:44

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