By Grant Wheatley

Sustained consumer optimism over the past six years has provided the impetus for the Eastern Cape's property boom in its core sectors of residential, office and retail.

Property growth was evidenced by rising residential prices, followed by a healthy appetite for retail and office space by national retailers.

This trend was notable in the province's major metropolitan areas as well as in areas such as Mdantsane, Port Alfred, Mthatha and King William's Town and in further remote locations such as Cofimvaba and Alice.

It also resulted in developers and retailers taking more creative approaches to developments. South Africans are becoming increasingly community-orientated, demanding shops and facilities close to the place where they live.

Currently, one of the biggest challenges to further growth for the province is the lack of "the right stock to satisfy the demand".

In terms of commercial property, the shortage is commonly related to the shortage of infrastructure in the smaller towns in areas such as the Transkei.

For residential property, the shortage is prevalent between R300000 and R600000. The large influx of people moving from the townships into the suburbs is increasing this demand exponentially and placing added pressures on city schools, public facilities and retail facilities.

This phenomenon is set to continue as more people enter the middle class. Developers need to focus on this growth area and develop products which meet these demands. This email address is being protected from spambots. You need JavaScript enabled to view it.

• Grant Wheatley is a strategic development manager Novate Property Investments