Oct
2012
Due to the thriving local economy and steady job creation in Polokwane, demand for residential homes has been consistently increasing as more people move to Limpopo’s capital.
South Africa’s northern-most province is exceeding the national economic growth rate. This may be due to the governmental developments and rich agricultural districts that surround it. The province’s proximity to the neighbouring countries of Botswana, Zimbabwe, Mozambique and Swaziland has made Polokwane a business centre and hub for commercial development.
As one of the fastest growing cities in the southern hemisphere Polokwane has evolved and thrived in recent years. With the recent addition of the 75 000 square meter Mall of the North shopping complex, and numerous other development programmes including office parks and an international convention centre, the city seems to be on track to maintain its current economic growth trajectory.
The entry level properties in Polokwane are located in suburbs like Bo Dorp and Doornkraal, and generally consist of flats and smaller homes that are sold for between R420 000 to R450 000
The sought-after middle sector properties are available in suburbs like Bendor, Flora Park and Fauna Park. These properties generally include 3 bedrooms and 2 bathrooms and are sold for around R850 000. This market has a steady demand as many buyers who work in Polokwane and visit family elsewhere over a weekend tend to prefer smaller lock-up-and-go homes around the R650 000 mark.
The high-end properties are housed in the trendy suburb of Bendor. Not only home to the new Mall of the North, Bendor also contains numerous office parks and businesses as well as the top schools in the city.
Homes sell from between R1.2-million up to R8-million, and buyers can be certain that their properties will gain value steadily should the want to re-sell in a few years’ time. The homes in the Bendor area tend to be beautifully maintained and are often located in one of the numerous security estates that have sprung up in recent years.
According to local estate agents, new buyers are generally recent graduates and business-oriented individuals who are happy to take the time to find a property in the right location and for the right price. Most of these new buyers in Polokwane also view property ownership as a stepping stone to wealth creation.
Many investors also view residential property as a sound venture due to the many and varied opportunities within the tourism, agricultural and retail segments of the city’s growth.
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