By Tiisetso Motsoeneng  

Port Elizabeth’s inner city is set to be among South Africa’s property investment hotspots, helped by commitment from local authorities to renew the city, a new research report showed.

The Trafalgar Inner City Report 2007 released on Wednesday said the strategy being followed by the Mandela Bay Development Agency in revitalising the inner city would help revitalise the metropolis.

The report cited investments that include upgrades to pedestrian malls throughout the CBD, the Parliament Street upgrade and a new stadium for the 2010 World Cup as important factors to convince investors to return to the city.

Port Elizabeth and its Eastern Cape compatriot East London have seen their rejuvenation disadvantaged by geography and investor reluctance.

The report said local Port Elizabeth property developers were realising the tax incentives for undertaking capital improvements on existing premises or erecting new buildings for business purposes within the city’s urban development zone.

"This is an attractive coastal city with a traditional industrial blue- collar base, but until now it has not seen the development levels of other coastal cities... and with a properly structured strategy, there is no reason why Port Elizabeth cannot achieve the same turnaround in terms of urban renewal that Johannesburg has achieved," the report said.

The report predicated that it could take about 15 years for the city to be renewed and revitalised.

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