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Port Elizabeth is one of South Africa’s major port cities and an economic hub in the Eastern Cape. It is home to the automotive manufacturing industry and close to the Coega Industrial Development Zone (IDZ).
The local population has grown by almost a third in the last decade, so it isn’t surprising that about 90 000 new homes are being added to the PE housing market annually. Data from the United Nations forecasts another 18% growth in the local population, by 2030.
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"Sizable investments in PE, like Coega and areas earmarked by the government for fast-tracked expansion, are driving this groundswell of property development," says Clifford Oosthuizen, Managing Director of Westbrook.
Outstanding value
PE has a lot to offer property buyers, whether they’re buying for themselves, or as an investment with a view to renting out the property. Average prices in the PE area compare favourably with most other metros in the country, delivering fantastic value for purchasers and healthy growth prospects for investors.
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"People are increasingly seeking comfort and affordability, so living close to all their daily needs – work, shops, schools, etc. – is the modern way of life," says Oosthuizen.
According to Statistics SA, close to a third of South African households are multi-generational, with two or more generations living under one roof. Lifestyle estates like Westbrook create an environment where this lifestyle can grow organically.
"Within Westbrook we’ll have a variety of villages catering to the needs of different generations. Lifestyle estates create communities where people of all ages can live, learn, work and relax," says Oosthuizen.
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There are many benefits to multi-generational living. Grandparents who are in good health could assist with childcare, or adult children could keep an eye on ailing parents. In addition, there is financial and emotional support, companionship and connection.
Lifestyle estates are reviving traditional values because they’re places where family life flourishes and it’s easy to raise children.
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These developments also accommodate the need for a balanced lifestyle and regular exercise by incorporating safe, secure and conveniently located green public spaces, open-air walking and cycling paths, running routes, and other such areas.
This encourages residents to spend time outdoors, which makes it more likely that people will run into each other, and get to know each other –further strengthening the community-based environment and values.
Long-term rentals
There is demand for long-term rental homes in Port Elizabeth. Investment projects and infrastructure development programmes related to the vast Coega IDZ have created more than 80 000 jobs in the past eight years.
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"Many of these workers are from other metros, or they’re expats working for international companies that operate here. They all need places to stay while they work here, and that’s why we’ve seen this spike in demand for long-term rentals," says RE/MAX estate agent Christo Slabbert.
"These are often families looking for a safe and secure environment in which to live while working in an unfamiliar city. The trend bodes well for the future because the long-term rental prospects for Port Elizabeth look extremely promising."