A working paper by Economic Research Southern Africa examined the correlation between the Walmer Park Shopping Centre in Nelson Mandela Bay and the property prices in the neighbouring Walmer suburb.
A 2015 paper, titled The Impact of a Shopping Centre on the Value of Adjacent Residential Properties, found the convenience of being situated close to a shopping centre outweighed potential disruptions caused by increased traffic, noise and localised pollution.
“Beyond the theoretical findings of this study, the practical implications are clear – residential homeowners and property developers could reap substantial rewards by gaining a deeper understanding of how amenities such as shopping centres affect adjacent residential property prices.”
The study did conclude, however, that it considered only one neighbourhood, which of course limited the extent to which the results could be interpreted on a broader scale