The recent announcement by the Department of Energy (DoE) that the Coega Industrial Development Zone (IDZ) will feature a R25bn gas-to-power programme, along with the Coega IDZ’s R11bn investment by the Beijing Automobile International Corporation (BAIC), ongoing development in the Bay West area, the successful relocation and expansion of the region’s vehicle hub to the William Moffett Causeway, the 2017 opening of the Origin Health Fairview Hospital in Circular Drive and the constant construction of business parks throughout the city, bodes well for Port Elizabeth’s attraction as an upmarket home buying and living metro – much the same as has happened along KwaZulu-Natal’s North Coast.
Ian Olivier, area principal of Pam Golding Properties in Port Elizabeth, said the city is increasingly well positioned to attract millionaire buyers from around the country, and internationally, who want to be a part of its economic growth and take advantage of its value-for-money real estate, comparatively low traffic volumes, improved municipal management and coastal lifestyle.
“Port Elizabeth, which also has an international airport, is clocking up similar appeal to Cape Town’s coastal suburbs, which have become highly sought-after destinations by business people and professionals on the back of economic growth and effective local governance,” he said. “And what’s more, prime real estate is significantly less expensive than many of its big city counterparts.
“Port Elizabeth offers an exclusive selection of multi-million rand, magazine-worthy properties that are typically private, secure, architect-designed and offer a luxurious lifestyle with all the trimmings but with lower price tags than many other major centres.”
Technology and safe, affordable and reliable long-distance travel have been game changers for historically holiday towns.
“In the not-so-distant past, wealthy buyers tended to put commuting distance to work at the top of their list of priorities and then bought holiday homes at the coast, where they could relax and enjoy the sea and the sun,” said Olivier. “Now an increasing number of buyers are choosing their primary residences based on lifestyle and access to top schools, of which Port Elizabeth has an excellent selection. I regularly meet business people at the airport who commute from their coastal homes to and from work in Gauteng and other major centres, and Port Elizabeth is better positioned than it’s ever been to satisfy their requirements.”
Photo: Idyle & Wylde, Lovemore Park: Priced at R9m through Pam Golding Properties Port Elizabeth and situated in the suburb of Lovemore Park, the elegant, double-storey Idyle & Wilde home was designed and built in 1990 by award-winning ceramicist Charmaine Haines and her husband Martin, in conjunction with local architect Andrew Thompson.