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eastern cape rising from ashes

Eastern Cape Property Market rising from the ashes

Posted on August 4, 2013

The renowned REIM property magazines dedicates an article on the take-up of the Eastern Cape Property market in its July 2013 issue:

“There has definitely been robust growth this year. In fact it started last year, after a very flat 2011. In 2006 residential property growth was up to 25%, but because of the recession we experienced a negative growth rate. But we are definitely coming out of that now. Although economists say nationally we are still in a bad place in terms of residential property growth, in the Bay we are coming out of that, although the growth is very area-based also very dependent on what has been done to the house.”

The last month of April was a record month for agents, which shows that business is finally improving.
Capeco’s phase 1 houses of Pine Row and apartments of Pine Creek were fully sold out in april; with phase 2 being launched for sales in August.

Also other areas are clocking growth, one of them being the suburbs bordering Coega:

“With the take-off of business in the Coega Industrial Development Zone, where companies such as Famous Brands are setting up R400 million factories and the anticipated PetroSA oil refinery is mooted for the area, the residential property market has been reignited. The developments at Coega have seen an influx of wealth from outside the city – from SA and abroad – as top businesses relocated top experts to their operations at Coega. This has seen areas like Uitenhage and Despatch experience booms in residential demand, as contractors move to the city for projects at Coega. The trend has been even more pronounced in the suburb immediately bordering Coega, Motherwell NU5 and NU6.  There used to be uncertainty around Coega, but now that it is taking off and people are buying instead of renting,” he said. “With Coega, we are going to see more of an influx of high earning foreigners to the Bay.”

Read the full Reim July article here.

eastern cape rising from ashes

 

 

 

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